Xinhua
28 Mar 2023, 21:18 GMT+10
BOAO, Hainan, March 28 (Xinhua) -- The weighted real GDP growth rate of Asia in 2023 is estimated at 4.5 percent, an increase from 4.2 percent in 2022, according to a report released by the Boao Forum for Asia (BFA) Tuesday.
In the context of a global economic slowdown and the risk of increasing fragmentation of globalization, Asia is expected to accelerate its pace of overall economic growth, said the report titled "Asian Economic Outlook and Integration Progress."
Asia, a bright spot in the bleak global economic landscape, will continue to advance regional production, trade, investment and financial integration and cohesion, and seize the "Asian moment" for global economic governance, according to the report.
China and India would contribute half of the world's growth this year, noted the report, citing data from the International Monetary Fund (IMF).
Addressing a press conference on Tuesday, BFA Secretary-General Li Baodong said Asia's growth and development is the biggest highlight against the backdrop of the global economic slowdown.
He added that the Asian economy is growing steadily, and China's economic rebound has sent a very strong signal, which is stability amid instability.
In January, the IMF predicted a global economic growth rate of 2.9 percent for 2023, which is slightly higher than their forecast in October 2022, but still significantly lower than the historical average of 3.8 percent from 2000 to 2019.
The global inflation rate is predicted to decrease from 8.8 percent in 2022 to 6.6 percent in 2023, and it is expected that global food prices will continue to decline, indicating an improvement in the global economic growth environment, the report said.
It added that this year, inflation pressures in Asia are expected to ease, but the factors that push inflation up and down may coexist.
Despite a deteriorating global labor market in 2023, the employment situation in Asia, particularly in East Asia, may turn out better than expected, the report noted.
Founded in 2001, the BFA is a non-governmental and non-profit international organization committed to promoting regional economic integration and bringing Asian countries closer to their development goals.
Get a daily dose of Philadelphia Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Philadelphia Herald.
More InformationNEW YORK, New York - U.S. stocks moved higher Thursday as investors and traders took a break from their recent ...
LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...
NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...
TRAVERSE CITY, Michigan: DuPont, Chemours and Corteva have reached an agreement to pay $1.18 billion to resolve complaints of causing ...
PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...
LANSING, Michigan: Michigan's Department of Natural Resources said by a wildfire in the state has burned through more than 3 ...
ISTANBUL, Turkey: In an interview with Reuters, Willie Walsh, director-general of the International Air Transport Association, (IATA), said airlines are ...
SACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...
GRAND ISLE STATE PARK, Louisiana: Almost two years after Hurricane Ida struck the barrier island and destroyed most of its ...
YANGON, Myanmar - A regime court sentenced to death five people detained for their alleged involvement in a deadly August ...