29th March – (Hainan) Despite the challenges posed by weakening global demand and mounting uncertainties, the Asian economy is showing strong resilience and vitality, according to a report from the Boao Forum for Asia Annual Conference 2023.
China’s economic rebound is sending out a positive signal to the rest of the region and the world, the report found, and Asia is expected to remain a key driving force for supporting global growth and advocating global economic governance.
The report predicted that the weighted real GDP growth rate of Asia in 2023 will be 4.5%, making the region a standout performer amid the global economic slowdown. However, the report also warned of the relatively weak growth momentum of emerging markets and developing economies. Despite these challenges, many experts remain optimistic for a robust 2023 for Asia’s economy, largely due to China’s rapid economic recovery.