Developing economies in Asia and the Pacific are forecast to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism.
Growth will continue at the same rate next year, according to the Asian Development Outlook (ADO) April 2024, released today by the Asian Development Bank (ADB). Inflation is expected to moderate in 2024 and 2025, after being pushed up by higher food prices in many economies over the past 2 years.
ADB will host a webinar to discuss the report and the region’s economic prospects. Register here for the event happening at 2 p.m. Manila time (GMT+8) today.
"We see strong, stable growth for the majority of economies in developing Asia this year and next. Consumer confidence is improving, and investment is resilient overall.
External demand also appears to be turning a corner,
particularly with regard to semiconductors."
Albert Park, ADB Chief Economist
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