IMF Forecast Emerging Asia +5.4% 2022

The International Monetary Fund's most recent estimates released in April 2022 projects global growth at 3.6 percent in 2022 and 2023, 0.8 and 0.2 points lower than in the January forecast, respectively.

The recovery will be driven by the Emerging and Developing Asia region, with an aggregate growth of 5.4 percent in 2022 and 5.6 percent in 2023.

In China, the growth forecast for 2022 has changed from January by 0.4 points to 4.4 percent, and by 0.1 point to 5.1 percent in 2023. As for India, growth is expected to be 8.2 percent in 2022, downward 0.8 points, and 6.9 percent in 2023, previously 7.1 percent.

The IMF lowered the GDP growth projection for largest five ASEAN economies by 0.3 points to 5.3 percent for this year and by 0.1 point to 5.9 percent for next year. Based on the latest IMF estimates, the Philippines’ GDP expansion in 2022 of 6.5 percent, is faster than the average of the ASEAN-5: Vietnam’s 6 percent, Malaysia’s 5.6 percent, Indonesia’s 5.4 percent and Thailand’s 3.3 percent.

Among advanced economies on the Asian continent, Singapore leads with an expected growth of 4 percent and 2.9 percent, in 2022 and 2023 respectively, Japan will see GDP increase by about 2.4 percent in 2022 and 2.8 percent in 2023, with South Korea's expected 2.5 percent growth in 2022 and 2.9 percent in 2023.