Supported by China.. IMF expects Asian economy to grow

The International Monetary Fund (IMF) announced its economic outlook for Asia amid hints from some economic bodies that no growth is possible.

For its part, the International Monetary Fund (IMF) strengthened its expectations for Asian economic growth with support from China’s recovery, but warned against the repercussions of high inflation and global market volatility in the West’s banking crises.

The pillar of the region’s economy is likely to be the reopening of the Chinese economy, amid expectations that the impact in Asia will be on consumption and demand in the services sector rather than investment. “

The International Monetary Fund (IMF) projected that Asia and the Pacific will be the most dynamic of the world’s major regions in this year 2023, mainly supported by the optimistic outlook for China and India.

The Monetary Fund projected 4.6% growth in Asia’s economy this year, after 3.8% growth in 2022, contributing about 70% of global growth. The Fund strengthened its forecast for the Asian economy by 0.3% from its October estimate.

“China and India will be the main drivers with growth of 5.2% and 5.9% respectively, although the growth slowdown in the rest of Asia is also expected to stop this year,” the report said.