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ADB Forecasts Faster Economic Growth for India and China in 2023
ADB Forecasts Faster Economic Growth for India and China in 2023
Sputnik India
The reopening of China and its faster recovery and healthy demand in India will help the two South Asian nations to grow faster than the rest of the world, predicted ADB in its regional forecast report.
2023-04-04T19:36+0530
2023-04-04T19:36+0530
2023-04-04T19:36+0530
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The reopening of China and a healthy domestic demand in India will help the two South Asian giants grow faster than the rest of the world, the Asian Development Bank (ADB) says in its regional forecast report, published on Tuesday."Growth in China is expected to rebound to 5.0% this year from 3.0% in 2022," the report added.On the other hand, India is predicted to witness one of the fastest expansions for a major regional economy, with a projected growth of 6.4% in 2023. This number, however, is lower than that of the previous year, when India witnessed 6.8% growth.Meanwhile, the ADB has predicted 6.5% growth for Vietnam this year, a decrease of 1.5% if compared with 2022.The ADB also commented on OPEC+ members' announcement to cut oil production, suggesting it could be challenging for the South Asian region due to higher oil prices.Earlier this week, several OPEC+ members announced oil production cuts of up to 1.16 million barrels daily.The ADB has forecast oil prices to average $88 per barrel this year and $90 next year.
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ADB Forecasts Faster Economic Growth for India and China in 2023
Deexa Khanduri
Sputnik correspondent
The Asian Development Bank (ADB) in its outlook report has forecast 4.8% growth in 2023 for developing Asia, a group of 46 countries.
The reopening of China and a healthy domestic demand in India will help the two South Asian giants grow faster than the rest of the world, the Asian Development Bank (ADB) says in its regional forecast report, published on Tuesday.
"Before China left [its] zero-COVID policy behind, our forecast for growth in China this year was 4.3%. But we've upgraded that in this announcement to 5 percent," ADB Chief Economist Albert Park said.
"Growth in China is expected to rebound to 5.0% this year from 3.0% in 2022," the report added.
On the other hand, India is predicted to witness one of the fastest expansions for a major regional economy, with a projected growth of 6.4% in 2023. This number, however, is lower than that of the previous year, when India witnessed 6.8% growth.
Meanwhile, the ADB has predicted 6.5% growth for Vietnam this year, a decrease of 1.5% if compared with 2022.
The average forecast for Southeast Asia remains at 4.8% in 2023 and 5% next year, which is, nevertheless, the fastest recovery compared with the rest of the world, according to the ADB report.
The ADB also commented on OPEC+ members' announcement to cut oil production, suggesting it could be challenging for the South Asian region due to higher oil prices.
Earlier this week, several OPEC+ members announced oil production cuts of up to 1.16 million barrels daily.
The ADB has forecast oil prices to average $88 per barrel this year and $90 next year.
