ASIA PACIFIC Perspectives on Competitiveness and Growth

Asia is a key region for global growth, and it is important for investors to keep an eye on the economic developments in the region. Here are some key numbers and highlights for some of the countries in Asia:

• China: The World Bank has slashed its economic outlook for the Asia-Pacific, pointing to China’s ultra-strict “zero-COVID” policy as a drag on regional growth. The lender expects China to grow 2.8% in 2022 to 4.5% in 2023.
• The IMF has forecasted growth for Asia and the Pacific at 4% this year and 4.3% next year, with both below the 5.5% average over the last two decades.
• India: The IMF has forecasted growth for India at 9.5% this year and 8.5% next year making India one of the brigth spots in Asia.
• Southeast Asia remains a bright spot, with the IMF predicting a strong year ahead for the region.
• The World Economic Forum’s competitiveness index ranks Southeast Asian countries as follows: Singapore, Malaysia, Thailand, Indonesia and the Philippines.

Despite the challenges faced by the region, such as slowing global growth, elevated commodity prices, and tightening financial conditions, Asia remains a relative bright spot in an increasingly dimming global economy. The IMF has launched a Regional Economic Outlook Report for Asia and the Pacific, which forecasts growth in the region to accelerate to 4.6% this year from 3.8% last year.