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With the fading of economic headwinds and easing of global financial conditions, China and India alone are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter, International Monetary Fund IMF) said on Tuesday in its blog post on Asia’s economic outlook.
Lower food and oil prices and the rebound in China’s economy are helping improve prospects across the region, with growth set to accelerate to 4.7 per cent this year from 3.8 per cent in 2022. “The region’s emerging and developing economies, poised to expand by 5.3 per cent this year, drive this dynamism.
These economies are hitting their stride as pandemic supply-chain disruptions fade and the service sector booms. China and India alone are expected to contribute over half of global growth this year, with the rest of Asia contributing an additional quarter,” IMF said. Cambodia, Indonesia, Malaysia, the Philippines, Thailand and Vietnam are all back to their robust pre-pandemic growth.
As per the IMF, the sudden reopening of China in October last year paved way for a faster-than-expected rebound in activity. China has strong trade and tourism linkages, so this is positive news for Asia, as half of the region’s trade takes place between its economies.
