The region’s inflation forecast is revised down marginally to 3.5% for 2023 on a lower forecast for inflation in the People's Republic of China (PRC). Crucially for the region, rice prices rose to a 15-year high in mid-November as market expectations adjusted to India’s expanded restrictions on rice exports. The inflation forecast for 2024 is revised up marginally to 3.6% on upside shocks that are keeping price pressures higher than previously expected in Bangladesh, Kazakhstan, Myanmar, and the Republic of Korea.
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.