Developing Asia will grow faster than previously thought this year, underpinned by a stronger-than-projected rebound in China, but risks from global banking turmoil could weigh on the outlook, the Asian Development Bank (ADB) said on Tuesday.
Developing Asia, which groups together 46 economies in the Asia-Pacific, is forecast to grow 4.8% in 2023, the ADB said in its Asian Development Outlook report, more than its previous estimate of 4.6% in December, and following 4.2% growth in 2022.December
And while China's embattled property sector "remains a point of concern", Park said the upside risks to China's growth outlook outweigh downside risks. By subregion, South Asia is expected to record the fastest expansion of 5.5% this year, buoyed by India's projected growth of 6.4% this year, followed by Southeast Asia, which is forecast to grow 4.7% this year.
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