Asia-Pacific economies to still see growth this year

People buy food at a market on the outskirts of Phnom Penh on August 5, 2023. (Photo by TANG CHHIN Sothy/ AFP)

KUALA LUMPUR: Amid a backdrop of weaker global trade and higher interest rates, economies across the Asia-Pacific region are poised for resilient growth in 2023, although weaker than in 2022.

In its latest Asia Pacific’s economic outlook update, S&P Global Ratings (S&P) has cut its 2023 gross domestic product (GDP) growth forecast for China to 4.8% from the 5.2% forecast made in June, following a property-driven downturn.