ADB raises Asia’s growth forecast to 5% in ’24

The Asian Development Bank (ADB) released on Wednesday its latest economic outlook, raising its growth projection for developing Asia and the Pacific region to 5 per cent for 2024, from 4.9 per cent in its April report.

Accordiing to the Asian Development Outlook (ADO) September 2024 report, the growth forecast for 2025 remains unchanged at 4.9 per cent.

Inflation in the region is expected to be 2.8 per cent in 2024, a decrease from the April forecast of 3.2 per cent. The inflation forecast for 2025 has also been revised downward to 2.9 per cent from three per cent. This downward revision is attributed to currency appreciation in the Caucasus and Central Asia, as well as a slower-than-expected bottoming out of food prices in China.

Attribution: Asian Development Bank report

Subediting: Y.Yasser