Asian Development Bank expects region to maintain growth momentum, reduce inflation

According to a report from the Asian Development Bank (ADB) on September 25, the Asia -Pacific region remains resilient in the face of challenges.

Growth in developing countries in Asia remained strong in the first half of 2024 due to robust domestic demand and stable export growth. (Photo: Xinhua)

The September 2024 Asia Development Outlook report maintains its GDP forecast for the Asia- Pacific region at 5%, unchanged from the July forecast. Additionally, the growth forecast for 2025 remains at 4.9%.

According to the report, inflation in the region is projected to be 2.8% in 2024 and 2.9% in 2025.

The report revised its 2024 growth forecast for East Asia down to 4.6%. The growth outlook for the Caucasus and Central Asia is more positive than expected at 4.7%, while the growth forecast for the Pacific region was raised to 3.4% due to increased tourist arrivals.

In South Asia, the growth outlook for 2024 remains unchanged at 6.3%. However, a decline in public investment and a slower-than-expected export recovery have led to a slight downward revision of the Southeast Asia growth forecast to 4.5%.

According to Albert Park, an ADB economist, growth in developing countries in Asia will remain strong in the first half of 2024, driven by stable domestic demand and export growth.

"We expect developing countries in Asia to maintain strong growth during the 2024-2025 period," Mr. Park emphasized.

ADB economists say inflation continues to fall, creating conditions for monetary policy easing; however, the reduction in inflation remains uneven. Policymakers in the region need to exercise caution to keep growth and inflation on track.

Source: https://baoquocte.vn/ngan-hang-phat-trien-chau-a-ky-vong-khu-vuc-duy-tri-da-tang-truong-giam-lam-phat-287947.html