The Asian Development Bank (ADB) has decided to keep its growth predictions for China unchanged, even as it lowers its forecasts for the rest of the Asia-Pacific region.
In its latest economic report released on Wednesday, the ADB maintained its growth projection for China at 4.8% for 2024 and 4.5% for 2025. These figures remain the same as the estimates provided in September.
However, the bank revised down its growth expectations for developing economies in the Asia-Pacific region. The ADB now forecasts a growth rate of 4.9% for 2024, down from the previous 5.0%, and 4.8% for 2025, a slight decrease from 4.9%.
The ADB cited potential policy changes by the United States as a factor that could influence the region’s economic performance. It highlighted that shifts in trade, fiscal, and immigration policies under the administration of US President-elect Donald Trump could impact economic growth in the Asia-Pacific and contribute to rising inflation.
Despite these concerns, the ADB noted that the region’s overall economic momentum remains solid. China, as the region’s largest economy, is expected to continue its steady growth, providing stability amid global uncertainties.
Reference(s):
cgtn.com
