Developing Asia on track to grow faster in 2023

The ADB kept its 2023 growth forecast for developing Asia at 4.8%, but revised a tad lower its estimate for next year to 4.7% from 4.8% in April. — Reuters

MANILA: Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, says the Asian Development Bank (ADB).

In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia at 4.8%, but revised a tad lower its estimate for next year to 4.7% from 4.8% in April.