Tuesday, August 08 2023

According to the World Economic Outlook (WEO, July 2023), Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024, while global headline inflation is expected to fall from 8.7 percent in 2022 to 6.8 percent in 2023 and 5.2 percent in 2024. The balance of risks to global growth remains tilted to the downside. China’s recovery could slow, in part as a result of unresolved real estate problems. Sovereign debt distress could spread to a wider group of economies. According to the Asian Development Bank (ADB) July’23 outlook, growth forecasts for East Asia are maintained at 4.6% in 2023 and at 4.2% in 2024, for South Asia at 5.5% in 2023 and 6.1% in 2024, and for the Pacific at 3.3% in 2023 and 2.8% in 2024. Southeast Asia’s growth prospects are downgraded slightly from 4.7% to 4.6% in 2023 and from 5.0% to 4.9% in 2024, reflecting weaker global demand for manufactured exports.

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