SE Asia growth to offset China’s economic slowdown: ADB report

The Asian Development Bank (ADB) reported that growth in Southeast Asia and South Asia is set to counterbalance China’s economic deceleration and slower growth in other parts of developing Asia. According to the ADB’s Asian Development Outlook report, Southeast Asia is expected to grow by 4.6% in 2024 and 4.7% in 2025, an improvement from 4.1% last year. This growth is driven by strong domestic demand and a rebound in tourism. In contrast, China’s growth is projected to slow down to 4.8% in 2024 and 4.5% in 2025 from 5.2% last year, affected by a weak property sector and a diminishing post-pandemic recovery in services. Notably, the Philippines and Vietnam are anticipated to lead ASEAN growth, with forecasts of 6% and 6.2% respectively for the next two years.