The Asian Development Bank (ADB) raised its growth forecast for developing Asian countries for 2023 to 4.9%, mainly due to the recovery of China’s economy, but kept its growth forecast in Asia at 4.8% next year.
The Asian Development Bank also revised its forecast for China’s growth to 5.2% in 2023 from 4.9% previously, but kept its forecast for the growth of the world’s second-largest economy at 4.5% next year.
“Strong domestic demand, strong remittances, and tourism recovery supported economic activity in the region, which consisted of 46 economies in the Asia-Pacific region and excluded Japan, Australia, and New Zealand,” the Asian Development Bank said.
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