Asia’s GDP expected to grow 4.5 pct in 2023: report

China and India would contribute half of the world's growth this year

1 min read
This photo taken on March 27, 2023 shows a fountain square in front of the Boao Forum for Asia (BFA) International Conference Center in Boao, south China's Hainan Province. The BFA will hold its annual conference from March 28 to 31 in Boao, a coastal town in China's island province of Hainan, according to the official website of the forum. (Xinhua/Fan Yuqing)

The weighted real GDP growth rate of Asia in 2023 is estimated to be 4.5 percent, an increase from 4.2 percent in 2022, according to a report released by the Boao Forum for Asia Tuesday.

As a major engine of the world economy, Asian economies are accelerating the pace in overall economic recovery in 2023, making it a standout performer in view of the global economic slowdown, said the report titled “Asian Economic Outlook and Integration Progress.”

According to the report, China and India would contribute half of the world’s growth this year, citing data from the International Monetary Fund.

Despite a deteriorating global labor market in 2023, the employment situation in Asia, particularly in East Asia, may turn out better than expected, according to the report.

Xinhua News Agency

Founded in 1931, Xinhua News Agency is one of the largest news organizations in the world, with over 10,000 employees across the globe. As the main source of news and information for China, Xinhua plays a key role in shaping the country's media landscape and communicating its perspectives to the world. The agency produces a wide range of content, including text news articles, photos, videos, and social media posts, in both Chinese and English, and its reports are widely used by media organizations around the world. Xinhua also operates several international bureaus, including in key capitals like Washington, D.C., Moscow, and London, to provide in-depth coverage of global events.

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