Developing Asia is expected to experience faster growth than previously anticipated in 2023, due to a stronger-than-projected rebound in China. The Asia Development Bank (ADB) said that the region is forecast to grow by 4.8% this year, up from its earlier prediction of 4.6% made in December 2022. This follows 4.2% growth in 2022. The ADB cited China’s recovery, after it ended its zero-COVID policy in December, as the main driver of the region’s growth this year. The world’s second-largest economy is projected to expand by 5.0% this year, which is higher than the ADB's earlier estimate of 4.3%. Excluding China, the region is expected to grow by 4.6% this year, slower than the previous year’s 5.4% pace. However, risks to the outlook include turbulence in the global banking sector and an escalation in the Ukraine war.
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