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APAC set to drive two-thirds of global growth in 2023

Despite facing global challenges, the Asia-Pacific region is positioned to fuel about two-thirds of worldwide growth in 2023, as disclosed by the International Monetary Fund (IMF). Despite a shift in global demand from goods to services and concurrent monetary adjustments, the region’s growth prediction stands firm at 4.6% for 2023, up from 3.9% in the prior year. However, it is forecast to drop to 4.2% in 2024, largely due to China’s ongoing property issues. The growth rate for ASEAN economies has been adjusted downwards for both 2023 and 2024. The IMF anticipates most Asia-Pacific economies, excluding Japan, will achieve inflation targets by the end of 2024. Challenges remain, including potential slow recoveries in China and shifts in global demand, but opportunities for a rebound exist, IMF said.


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