Wahyu Dwi Anggoro
IDXChannel - The Asian Development Bank (ADB) has raised its economic forecast for developing economies in Asia and the Pacific. The upgrades for China and India more than offset a lowering of the forecast for Southeast Asia, caused by lackluster performance in the manufacturing sector.
The regional economy is expected to grow 4.9% this year, compared with a previous forecast of 4.7% in September, according to the Asian Development Outlook (ADO) December 2023, released today. The outlook for next year is maintained at 4.8%.
The growth outlook for Southeast Asia this year has been lowered to 4.3% from 4.6%, amid weak demand for manufacturing exports.
On the other hand, China’s economy is projected to expand by 5.2% this year, compared with a previous forecast of 4.9%, after household consumption and public investment boosted growth in the third quarter.
Furthermore, the growth outlook for India has been raised to 6.7% from 6.3% following faster-than-expected expansion in July-September, driven by double-digit growth in industry.
