Developing economies in Asia-Pacific to grow 4.8% in 2023, 2024: ADB

Developing Asian economies are projected to see their gross domestic product grow by 4.8 percent in 2023 and 2024, up from 4.2 percent in 2022, the Asian Development Bank said Tuesday.

According to the ADB, Developing Asia, which groups 46 economies in the Asia-Pacific region, excluding Japan, Australia and New Zealand, is set to see higher growth than last year due in part to China’s removal of COVID-19 restrictions and solid domestic demand in India.

Inflation is expected to decelerate from 4.4 percent in 2022 to 4.2 percent this year and 3.3 percent next year, “gradually moving closer to pr...