According to a report by the Asian Development Bank (ADB), economic growth in Asia and the Pacific is expected to remain solid, although risks to the outlook are increasing.
The region’s developing economies are forecast to grow 4.7% this year, a slight downward revision from a previous projection of 4.8%, according to Asian Development Outlook (ADO) September 2023, released today.
According to the Asian Development Bank (ADB), Southeast Asia’s growth is expected to slow down due to a decrease in export demand. The ADB has revised its growth outlook for the region to 4.6% this year, down from the previous projection of 4.7%. Vietnam, which heavily relies on trade, has also seen its growth forecast lowered from 6.5% to 5.8% for this year.
The report highlights that the first half of this year saw positive growth driven by domestic demand and the reopening of the Chinese economy, despite weaker global export demand.
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