French.china.org.cn | Updated on 04-04-2023
China’s rapid recovery is improving regional and global economic prospects, according to a new report from the Asian Development Bank (ADB) released on Tuesday.
The Asian Development Outlook (ADO) 2023, the AfDB’s flagship annual economic publication, forecasts China’s gross domestic product (GDP) growth rate to be 5% this year and 4.5% in 2024.
The report also forecasts developing Asia’s GDP to grow by 4.8 percent this year and next, saying the region’s growth remains resilient.
“China’s reopening improves the region’s prospects,” the report noted, adding that it will support the growth of regional exporters of raw materials, intermediate manufactured goods and finished goods; it might lead to a stronger recovery in growth, stimulating external demand for the economies of the rest of the region.
China’s reopening will “further promote regional tourism and boost trade,” said AfDB President Masatsugu Asakawa.
Meanwhile, the AfDB warns of “multiple challenges” that might negatively impact growth.
Its report indicates that the tightening of global financial conditions has increased risks to financial stability, as evidenced by emerging vulnerabilities in the banking sector in the United States and Europe.
Uncertainty over the Russian-Ukrainian conflict persists, an escalation that might rekindle inflationary pressures and aggravate food security problems, adds the AfDB.
