Asia Pacific to lead global economic growth, S&P predicts

S&P Global Market Intelligence forecasts the Asia Pacific region, led by China and India, to outpace other regions in economic growth. The anticipated GDP growth rate for 2023 is 4.3%, up from 3.2% in 2022, with a further increase to 4.5% in 2024. Despite slower growth in Taiwan, South Korea, and Australia, Vietnam, the Philippines, and Indonesia are expected to maintain robust expansions. Despite external challenges, such as high inflation and geopolitical conflicts, S&P believes a global recession is avoidable. For 2023, China's GDP growth is forecasted at 5.5%, up from 3.3% last year, while India leads major economies with strong service and manufacturing growth.