ADB upgrades 2023 growth forecast for Asia-Pacific to 4.9%

World Economy

The Asian Development Bank on Wednesday revised upward its 2023 growth forecast for developing economies in Asia and the Pacific to 4.9 percent from its September projection of 4.7 percent, citing higher-than-expected growth in China and India.

The Manila-based lender maintained its projection of a 4.8 percent growth for the region next year on expectations that continued robust domestic demand and services will support growth.

The ADB said healthy domestic demand and recovering tourism are fostering economic activity this year as inflation moderated despite slower global growth and the lagged...

Kyodo News

Kyodo News