The International Monetary Fund (IMF) raised Asia's economic forecast in its regional economic outlook report:
- Asia's economy is expected to expand 4.6% in 2023 (upgrading its forecast by 0.3% from October) after a 3.8% increase in 2022
The IMF cited "Asia and Pacific will be the most dynamic of the world's major regions in 2023, predominantly driven by the buoyant outlook for China and India":
- China and India expansions forecast at 5.2% and 5.9%, respectively in 2023
The IMF said risks to their outlook included
- stickier-than-expected inflation
- slowing global demand
- the impact of U.S. and European banking-sector stress
- For 2024. though the IMF cut its Asian growth forecast by 0.2% to 4.4%
