SURGING global investments in artificial intelligence (AI) and easing inflation give developing Asia a launch pad for sustained economic growth in 2024 and 2025, the Asian Development Bank (ADB) said Wednesday.
SURGING global investments in artificial intelligence and easing inflation give developing Asia a launch pad for sustained economic growth in 2024 and 2025, the Asian Development Bank said Wednesday.With goods exports jumping 8.0 percent in July, the Manila-based lender slightly raised its 2024 economic growth forecast for the region to 5.0 percent this year, up from 4.9 percent projected in April.It kept its 2025 forecast unchanged at 4.9 percent.
Nonelectronic exports are also growing, though more moderately, according to the Asian Development Outlook report, which the lender publishes biannually.The ADB, however, said Beijing would fall short of its target of 5-percent growth for 2024, forecasting expansion of 4.8 percent.After 5.2-percent growth last year, the Chinese economy is expected to expand by 4.5 percent in 2025, according to the new report.
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