Asian Development Outlook (ADO) September 2023
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The economic outlook for Asia and the Pacific remains upbeat, with the region’s developing economies expected to grow 4.7% in 2023, and 4.8% in 2024, but risks remain elevated.
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According to the latest edition of the Asian Development Outlook, growth will remain resilient, supported by domestic demand, recovering tourism, and stable financial conditions. Decelerating inflation across the Asia and the Pacific is also a positive. However, these prospects are tempered by weaker global demand weighing on exports and softening domestic demand in the People’s Republic of China (PRC). A particular worry is whether the PRC’s property market will weaken further.
The region faces other challenges. High interest rates have elevated financial stability risks. A looming El Niño and restrictions on food exports could challenge food security. And geopolitical tensions and the fracturing of global production could disrupt trade. These risks are considerable and varied, and policymakers will need to closely track them.
- Developing Asia's economies are forecast to grow 4.7% this year, down from a previous projection of 4.8%. The forecast for 2024 is maintained at 4.8%. - ADB report
- Inflation in developing Asia and the Pacific is expected to be 3.6% for 2023. The forecast for 2024 is 3.5%. - ADB report
- Policy steps are needed to ensure effects of El Niño do not raise food security challenges in developing Asia - ADB report