(Bloomberg) -- Much of developing Asia outside of China is poised for expansion in the next two years as consumer demand remains strong and inflation eases, according to the Asian Development Bank.
The region’s economy is set to grow at a 4.9% pace this year and in 2025, according to the group’s annual outlook. Inflation is seen easing slightly to 3.2% this year and 3% in 2025 from an estimated 3.3% last year. Growth is set to slow in China, though, as the real estate sector and domestic demand remain weak, according to the report.
Higher service consumption, including tourism, and a rebound in semiconductor demand will drive growth in countries outside of China.
Key risks remain, including geopolitical tensions, the path of the Federal Reserve’s policy this year, further deterioration in China’s property market and inflation. Food price growth remains an issue in the region as weather events threaten crop yields and export restrictions weigh on trade.
Source: Asian Development Outlook April 2024 Highlights
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