Asian Development Outlook (ADO) April 2023: Economic Forecasts

Asian Development Outlook (ADO) April 2023: Key Messages

  • Growth in developing Asia is forecast at 4.8% this year and in 2024, up from 4.2% last year. The People's Republic of China's (PRC) recovery and healthy domestic demand in India will be the region’s main growth supports this year and next.​
  • Inflation is forecast to moderate this year and next, from 4.4% in 2022 to 4.2% in 2023 and 3.3% in 2024, gradually moving closer to pre-pandemic averages​.
  • An array of immediate and emerging challenges could still hold back the region’s recovery. Policy makers should stay vigilant in the post-pandemic environment of higher inflation, interest rates, and debt. Governments must continue supporting multilateralism, and lean against the risks of global fracturing.

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Developing Asia Outlook

Developing Asia’s economic prospects are markedly improving on the rapid re-opening in the PRC. Population mobility in the PRC has normalized following the end of the zero-COVID strategy, and activity in services is rebounding the fastest. The reopening of the PRC will boost regional growth through demand for goods and services, as well as supply chain linkages.

Chief Economist Albert Park discusses developing Asia's latest economic outlook.

Director of ADB’s Macroeconomics Research Division Abdul Abiad discusses the latest inflation outlook in Asia and the Pacific.



Inflation is expected to moderate this year and next, gradually moving closer to pre-pandemic levels. Headline inflation is forecast decelerating to 4.2% this year and 3.3% in 2024 from 4.4% last year. Higher interest rates and still-elevated commodity prices are expected to shape the region’s inflation outlook. Headline inflation should decline this year in all subregions except South Asia, where large currency depreciations in Pakistan and Sri Lanka are causing higher import and domestic prices.

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Asian Development Outlook (ADO) April 2023

Asian Development Outlook (ADO) April 2023

The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. This includes forecasting the inflation and gross domestic product growth rates of countries throughout the region, including the People’s Republic of China and India.