- The updated Asian Development Outlook predicts that developing economies will faster than China.
- For the first time in 30 years, rest of developing Asia will grow at faster pace than China.
- Previously, when China’s growth fell to 3.9 per cent in 1990, the GDP of the rest of Asia witnessed a 6.9 per cent growth.
- The report has cut the growth predictions of Asia’s developing economies because China’s zero-COVID-19 policy.
- The ADB has slashed its 2023 forecast for China’s economic growth to 4.5 per cent from 4.8 in April. This is mainly because of the falling external demand minimising investment in manufacturing.
- Asia’s economy is recovering because of revival of the tourism sector. However, external factors are slowing the overall growth.
Tags:
Economics
