ADB Outlook December 2023

The Asian Development Bank (ADB) released its latest Asian Development Outlook on December 13, 2023. The report forecasts for developing Asia, a group comprising 46 economies in the Asia-Pacific region, to grow 4.9 per cent in 2023, representing a revision of 0.2 percentage points higher than September's estimates.

By subregion, the growth for 2023 is forecast to be the fastest in South Asia, with a projected growth rate of 5.7 per cent, followed by Caucasus and Central Asia at 4.8 per cent, East Asia at 4.7 per cent, Southeast Asia at 4.3 per cent, and the Pacific at 3.5 per cent.

The ADB increased its forecast for China from 4.9 per cent to 5.2 per cent in 2023.

For members of the ASEAN-5, growth in 2023 is expected as follows: Philippines (5.7 per cent), Vietnam (5.2 per cent), Indonesia (5 per cent), Thailand (2.5 per cent), and Singapore (1 per cent).

Growth projections for 2024 indicate India to reach 6.7 per cent, followed by the Philippines (6.2 per cent), Vietnam (6 per cent), Indonesia (5 per cent), and China (4.5 per cent).