Developing Asia on track to grow faster in 2023: ADB
A worker walks past inside the Asian Development Bank (ADB) headquarters in Manila June 17, 2009.
PHOTO: Reuters file
PUBLISHED ONJuly 19, 2023 2:47 AM
MANILA — Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said on Wednesday (July 19).
In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia at 4.8 per cent, but revised a tad lower its estimate for next year to 4.7 per cent from 4.8 per cent in April, reflecting risks, including from Russia's war on Ukraine.
Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand.
The ADB maintained its growth projections for subregions East Asia and South Asia, with China and India still expected to expand 5.0 per cent and 6.4 per cent this year, respectively, and 4.5 per cent and 6.7 per cent in 2024, but trimmed slightly its outlook for Southeast Asia.
Growth in Southeast Asia is now expected at 4.6 per cent this year and 4.9 per cent next year, down from 4.7 per cent and 5.0 per cent previously, the ADB said, due mainly to weaker global demand for exports.
An upside risk to the growth outlook of developing Asia is slower inflation, which has allowed most central banks in the region to hold off tightening, helping underpin domestic consumption.
The region's inflation is forecast to slow to 3.6 per cent this year from its previous forecast of 4.2 per cent, with the rate expected to decelerate further to 3.4 per cent in 2024.
|
GDP GROWTH |
2021 |
2022 |
2023 |
2023 |
2023 |
2024 |
2024 |
|
DEC |
APR |
JULY |
APR |
JULY |
|||
|
Caucasus and Central Asia |
5.8 |
5.1 |
4.2 |
4.4 |
4.3 |
4.6 |
4.4 |
|
East Asia |
7.9 |
2.8 |
4.0 |
4.6 |
4.6 |
4.2 |
4.2 |
|
China |
8.4 |
3.0 |
4.3 |
5.0 |
5.0 |
4.5 |
4.5 |
|
South Asia |
8.4 |
6.4 |
6.3 |
5.5 |
5.5 |
6.1 |
6.1 |
|
India |
9.1 |
6.8 |
7.2 |
6.4 |
6.4 |
6.7 |
6.7 |
|
Southeast Asia |
3.5 |
5.6 |
4.7 |
4.7 |
4.6 |
5.0 |
4.9 |
|
Indonesia |
3.7 |
5.3 |
4.8 |
4.8 |
4.8 |
5.0 |
5.0 |
|
Malaysia |
3.1 |
8.7 |
4.3 |
4.7 |
4.7 |
4.9 |
4.9 |
|
Myanmar |
-5.9 |
2.0 |
n/a |
2.8 |
n/a |
3.2 |
n/a |
|
Philippines |
5.7 |
7.6 |
6.0 |
6.0 |
6.0 |
6.2 |
6.2 |
|
Singapore |
8.9 |
3.6 |
2.3 |
2.0 |
1.5 |
3.0 |
3.0 |
|
Thailand |
1.5 |
2.6 |
4.0 |
3.3 |
3.5 |
3.7 |
3.7 |
|
Vietnam |
2.6 |
8.0 |
6.3 |
6.5 |
5.8 |
6.8 |
6.2 |
|
The Pacific |
-1.4 |
5.2 |
4.8 |
3.3 |
3.3 |
2.8 |
2.8 |
|
Developing Asia |
7.2 |
4.2 |
4.6 |
4.8 |
4.8 |
4.8 |
4.7 |
|
INFLATION |
|||||||
|
DEC |
APR |
JULY |
APR |
JULY |
|||
|
Central Asia |
9.0 |
12.9 |
8.5 |
10.3 |
10.6 |
7.5 |
7.8 |
|
East Asia |
1.1 |
2.3 |
2.4 |
2.3 |
1.3 |
2.0 |
2.1 |
|
China |
0.9 |
2.0 |
2.3 |
2.2 |
1.0 |
2.0 |
2.0 |
|
South Asia |
5.8 |
8.2 |
7.9 |
8.1 |
8.1 |
5.8 |
6.4 |
|
India |
5.5 |
6.7 |
5.8 |
5.0 |
4.9 |
4.5 |
4.5 |
|
Southeast Asia |
2.0 |
5.0 |
4.5 |
4.4 |
4.3 |
3.3 |
3.2 |
|
Indonesia |
1.6 |
4.2 |
5.0 |
4.2 |
3.8 |
3.0 |
3.0 |
|
Malaysia |
2.5 |
3.4 |
3.0 |
3.1 |
3.1 |
2.8 |
2.8 |
|
Myanmar |
3.6 |
16.0 |
n/a |
10.5 |
n/a |
8.2 |
n/a |
|
Philippines |
3.9 |
5.8 |
4.3 |
6.2 |
6.2 |
4.0 |
4.0 |
|
Singapore |
2.3 |
6.1 |
5.5 |
5.0 |
5.0 |
2.0 |
2.0 |
|
Thailand |
1.2 |
6.1 |
2.7 |
2.9 |
2.9 |
2.3 |
2.3 |
|
Vietnam |
1.8 |
3.2 |
4.5 |
4.5 |
4.0 |
4.2 |
4.0 |
|
The Pacific |
3.1 |
5.7 |
5.0 |
5.0 |
5.0 |
4.4 |
4.4 |
|
Developing Asia |
2.6 |
4.4 |
4.2 |
4.2 |
3.6 |
3.3 |
3.4 |
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