ADB slightly downgrades Asia-Pacific growth forecast for 2023

The Asian Development Bank on Wednesday slightly downgraded its 2023 Asia-Pacific growth forecast to 4.7 percent but maintained its 4.8 percent projection for 2024, as it sees solid economic growth driven by healthy domestic demand, rebounding tourism and the reopening of China.

Still, the multinational lender warned of growing risks and said weakness in China’s property market should be closely watched. High global interest rates, sporadic supply disruptions due to Russia’s invasion of Ukraine, export restrictions, and extreme weather events caused by El Nino may again trigger rises in food p...