Asia-Pacific economies predicted to grow 4.9pc in 2024, ADB reports

Inflation across the region is expected to reduce to 3.2% this year and 3% next year

Developing economies in Asia and the Pacific are projected to grow by 4.9% this year, driven by strong domestic demand, improved semiconductor exports, and a resurgence in tourism, as per the Asian Development Bank’s (ADB) Asian Development Outlook (ADO) report for April 2024.

The region is expected to maintain this growth rate into the next year, with inflation forecast to moderate following two years of heightened food prices.

Notably, the growth is predominantly supported by the economic activity in South and Southeast Asia, which compensates for the economic slowdown in China.

This slowdown is attributed to ongoing issues in the property market and reduced consumer spending.

In contrast, India is poised to sustain robust growth rates of 7.0% in 2024 and 7.2% in 2025.

China’s economic growth, however, is expected to decelerate to 4.8% in 2024 and further to 4.5% in 2025, a drop from the 5.2% growth observed last year.

ADB Chief Economist Albert Park highlighted the region’s overall strong and stable growth outlook, boosted by recovering consumer confidence and resilient investment.

He also noted a positive shift in external demand, especially for semiconductors.

The ADB cautions that policymakers should remain alert to potential risks such as supply chain disruptions, uncertainties in U.S. monetary policy, extreme weather events, and further declines in China’s property market.

Inflation across the region is expected to reduce to 3.2% this year and 3% next year, although it remains elevated compared to pre-pandemic levels outside of China.

The report also addresses the high rice prices, exacerbated by crop losses, India’s export restrictions, and increased global shipping costs due to geopolitical tensions and environmental factors.

To manage this, the ADB suggests targeted subsidies, improved market monitoring, and strategic rice reserves.

Additionally, enhancing agricultural productivity through sustainable practices and technological investments is recommended for long-term stability.

Furthermore, regional cooperation is advocated to effectively manage rice prices and mitigate their impact on food security.

 

 

7 COMMENTS

  1. Thanks for helping me to bring back my husband. My life become more beautiful since i contacted this real spell caster Dr Excellent for help” I was heart broken when my husband left me and moved to California to be with another woman. I felt my life was over and my kids thought they would never see their father again. I tried to be strong just for the kids but I could not control the pains that tormented my heart, my heart was filled with sorrows and pains because I was really in love with my husband. I have tried many options but he did not come back, until i met a friend that directed me to Dr.Excellent a spell caster, who helped me to bring back my husband after 11hours. Me and my husband are living happily together again, This man is powerful, Contact Dr Excellent for any kind of spiritual problems or any kind of spell or relationship problems he is capable of making things right for you with no side effect., Here his contact. WhatsApp him at: +2348084273514 “

  2. I am impressed. I don’t think Ive met anyone who knows as much about this subject as you do. You are truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. Really, great blog you have got here.

  3. HOW I FINALLY RECOVERED MY LOST BITCOIN:
    Do you need help on how to recover lost or stolen Bitcoin from fake  investment scammers? I lost all my Bitcoin to a fake investment scam to someone I met online. After losing my Bitcoin investments, I was determined to find a solution. I started searching for help legally to recover my funds, and I came across a lot of Testimonies about  GEO COORDINATES HACKER. I am incredibly grateful for the exceptional service, and wanted to inform you all about this positive outcome. They emphasized their excellent strategy for Bitcoin recovery. In order to assist people and companies in recovering their lost or stolen cryptocurrencies. They guarantee that misplaced bitcoins have an opportunity to be recovered with their excellent services. If you or anyone you know ever finds yourselves in a similar unfortunate situation, I highly recommend reaching out to GEO COORDINATES HACKER. Contact Info Email:
    ( [email protected] )
    Email; ( [email protected] )Telegram ( @Geocoordinateshacker )Website; https://geovcoordinateshac.wixsite.com/geo-coordinates-hack

  4. This is highly informatics, crisp and clear. I think that everything has been described in systematic manner so that reader could get maximum information and learn many things.

  5. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Planning minister directs Aviation Ministry to expedite outsourcing of three airports

Bids for Islamabad airport are under evaluation; due diligence for Lahore and Karachi airports has been submitted to Public-Private Partnership Authority, reports Aviation Ministry Â