ADB forecasts 4.8% growth for developing Asia in 2023 as predicted

Developing Asian economies are expected to grow 4.8 percent this year, the Asian Development Bank said Wednesday, maintaining its earlier forecast as robust consumption and investment are likely to boost growth while exports weaken amid slower global demand.

The ADB said in its 2023 outlook that growth in East Asia is projected at 4.6 percent, in line with its earlier estimate. Southeast Asia is forecast to grow 4.6 percent, down from 4.7 percent in the earlier outlook, due to weaker global demand for exports of manufactured goods.

Inflation forecasts for the developing Asian economies were re...