According to a report from the Asian Development Bank (ADB) on September 25, the Asia -Pacific region remains “resilient” in the face of challenges.
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| Growth in developing Asia remains robust in the first half of 2024 due to steady domestic demand and export growth. (Photo: Xinhua) |
The September 2024 Asian Development Outlook report maintained its Asia- Pacific GDP forecast at 5%, unchanged from the July forecast. Additionally, the growth forecast for 2025 was also maintained at 4.9%.
Inflation in the region is forecast at 2.8% in 2024, compared to 2.9% in 2025, the report said.
The report revised East Asia’s 2024 growth forecast down to 4.6%. The Caucasus and Central Asia region’s growth outlook was better than expected at 4.7%, while the Pacific region’s growth forecast was raised to 3.4% due to increased tourist arrivals.
In South Asia, the 2024 growth outlook remains unchanged at 6.3%. Meanwhile, a slowdown in public investment and a slower-than-expected export recovery have led to a slight downgrade to 4.5% for Southeast Asia.
Growth in developing Asia is expected to remain robust in the first half of 2024, driven by resilient domestic demand and export growth, according to ADB economist Albert Park.
“We expect developing countries in Asia to maintain strong growth in 2024-2025,” Mr. Park emphasized.
Inflation continues to decline, providing room for monetary policy easing, but the pace of disinflation remains uneven, and policymakers in the region need to remain vigilant to keep growth and inflation on track, ADB economists said.
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