Asia and the Pacific is continuing its solid economic recovery thanks to healthy domestic demand, stable financial conditions, and a resilient services sector, while inflation in the region is receding.
Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed. However, consumption and investment are forecast to boost aggregate regional growth to 4.8% in 2023, as earlier forecast, with the projection for 2024 revised down only marginally to 4.7%.
This publication highlights brighter economic prospects for Asia and the Pacific amid ongoing challenges. It forecasts growth across the region’s developing economies of 4.8% this year and in 2024, up from 4.2% in 2022.
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Asia and the Pacific is continuing its solid economic recovery thanks to healthy domestic demand, stable financial conditions, and a resilient services sector, while inflation in the region is receding.