ADB - Developing Asia’s Economic Outlook: Asian Development Outlook (ADO) April 2024
- Economic growth in developing Asia continues to be resilient.
- ADB forecasts 4.9% growth for the region this year and next year.
- Growth in developing Asia is being driven by robust domestic demand, improving semiconductor exports, and a continued recovery in tourism.
- Inflation in developing Asia is expected to decline to 3.2% this year and 3.0% next year, as interest rate hiking cycles have peaked.
"We see strong, stable growth for the majority of economies in developing Asia this year and next. Consumer confidence is improving, and investment is resilient overall. External demand also appears to be turning a corner, particularly with regard to semiconductors." Albert Park, ADB Chief Economist
Economic growth in developing Asia continues to be resilient. Following the rise in inflation in 2021 and 2022, inflation has declined in 2023 and into 2024. Growth is being driven by robust domestic demand, improving semiconductor exports, and continued recovery in tourism. ADB forecasts 4.9% growth for developing Asia this year and next year.