A development bank in Manila predicts that the region will grow by 4.8% in 2023 and 2024. This is up from 4.2% last year.

The Asian Development Bank (ADB) says that Asia will have strong economic growth this year because China got rid of its strict pandemic rules.


In 2023 and 2024, the economies of Asia and the Pacific are expected to grow by 4.8%, which is more than last year's growth rate of 4.2%. This is due to rising consumption, tourism, and investment, according to the ADB's latest growth outlook, which came out on Tuesday.

The development bank in Manila said that China's reopening after its strict "zero COVID" strategy ended was "the main reason" for the brighter outlook.

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Still, the ADB said that the global outlook faces a number of risks that must be "carefully monitored and proactively dealt with." These risks include Russia's war in Ukraine continuing or getting worse, interest rates going up, and high levels of debt.


The ABD said that China's economy is on track to grow by 5% this year and 4.5 % in 2024. The bank also talked about the bright future for India, where growth is expected to reach 6.4% this year and 6.7% next year.


After reaching 4.4 percent last year, inflation is expected to slow to 4.2 percent in 2023 and 3.3 percent in 2024.

ADB Chief Economist Albert Park said, "The outlook for economies in Asia and the Pacific is better, and they're set up for a strong recovery as we get back to normal after the pandemic."


"People are starting to travel again for work and fun, and business is picking up speed. Because there are still many problems, governments in the region need to keep focusing on policies that encourage stronger cooperation and integration to boost trade, investment, productivity, and resilience.


Southeast Asian countries like Indonesia, the Philippines, and Vietnam should also have strong growth, thanks to tourism and strong domestic demand. The region's economy is expected to grow by 4.7% this year and by 5% in 2024.


The economies of the Caucasus and Central Asia are expected to grow by 4.4% this year and 4.6% in 2024. The economies of the Pacific islands are expected to grow by 3.3% this year and 2.8% in 2024.

SOURCE: NEWS AGENCIES