Report on Maintaining China's Economic Growth Expectations by the Asian Development Bank | Economy | Economy
Manila, July 20 (Xinhua) - The Asian Development Bank recently released a supplementary report on its "2023 Asian Development Outlook", maintaining "cautious optimism" towards developing economies in the Asia Pacific region and maintaining its expectations that developing economies in the Asia Pacific region will grow by 4.8% and the Chinese economy will grow by 5% this year.
The report suggests that domestic consumption and investment activities in China will continue to support regional economic growth. However, due to the impact of monetary policies in major developed economies, global demand will slow down and industrial output in some economies in the region will be affected. The report fine-tuning the economic growth expectations of developing economies in the Asia Pacific region from 4.8% to 4.7% in 2024.
The builder is carrying out curtain wall construction at the permanent site of the International Financial Forum. The permanent venue of the International Financial Forum is located at the tip of Hengli Island in Nansha New Area, Guangzhou. The design concept is "kapok flowers bloom, Hong Xiang sea silk". The main building of the project has been completed, and curtain wall, mechanical and electrical, and decoration work is being promoted. Photo by Xinhua News Agency reporter Liu Dawei
The Asian Development Bank predicts that global fuel and food prices are decreasing, which will lower regional inflation expectations and return to pre pandemic levels. The inflation rate of developing economies in the region is expected to be 3.6% this year, which is 0.6 percentage points lower than the April forecast. The inflation outlook for 2024 has been raised from the previous forecast of 3.3% to 3.4%.
Park Zhi shui, Chief Economist of the Asian Development Bank, said that the Asia Pacific region will continue to steadily recover from the pandemic. Consumer demand and the service industry are becoming the driving force for economic growth in regional economies, with some economies benefiting from the strong recovery of the tourism industry.
On July 6th, people watched the waves on the coast of Nukualofa, the capital of Tonga. Photo by Xinhua News Agency reporter Guo Lei
The Asian Development Bank is a multilateral development bank focused on the development of the Asia Pacific region, established in 1966 and headquartered in Manila, the capital of the Philippines. The Asian Development Outlook is the annual flagship economic report of the Asian Development Bank, which predicts the economic development of the Asia Pacific region.