ADB forecasts developing Asia growth to be higher at 4.9% this year

The Manila-based lender’s 2024 growth forecast was slightly weaker than the region’s 5% growth in 2023. — Reuters

MANILA: Developing Asia’s growth this year is expected to be slightly stronger than previously forecast as healthy domestic demand in many economies offsets the property-driven slowdown in China, the Asian Development Bank (ADB) says.

The ADB nudged up its 2024 growth forecast for developing Asia to 4.9% from 4.8% projected in December, but warned of persistent challenges such as rising geopolitical tensions, including in the Middle East, that could disrupt supply chains and reignite inflation.