ADB Outlook September 2023

The Asian Development Bank (ADB) released its Asian Development Outlook on September 20, 2023. The report forecasts for developing Asia, a group comprising 46 economies in the Asia-Pacific region, to grow 4.7 per cent in 2023 per cent, representing a slightly revision of 0.1 percentage point below the estimates of April.

Inflation is expected to decrease 3.6 per cent in 2023 and further to 3.5 per cent in 2024. A significant portion of this year's reduction is attributed to the China, where the inflation outlook has been adjusted to 0.7 per cent.

By subregion, the growth for 2023 is forecast to be the fastest in South Asia, with a projected growth rate of 5.4 per cent, followed by Southeast Asia at 4.6 per cent, Caucasus and Central Asia at 4.6 per cent, East Asia at 4.4 per cent, and the Pacific at 3.5 per cent.

The ADB lowered its forecasts for China from 5 per cent to 4.9 per cent in 2023.

For members of the ASEAN-5 growth in 2023 is expected as follows: Vietnam (5.8 per cent), Philippines (5.7 per cent), Cambodia (5.3 per cent), Indonesia (5 per cent) and Thailand (3.5 per cent).