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 brief recommends reforms to increase potential GDP growth. These include improving the allocation of capital and credit in the economy, increasing the quality of education, and introducing policy measures to mitigate the adverse impact of demographic aging on the labor force and to lift total factor productivity.
This policy note provides suggestions to help increase youth employment in the PRC following the pandemic, including retooling the education system to meet demand for skills in the “new economy”, expanding the labor capacity of the service sector, and developing labor markets in rural areas.
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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%.