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Why is the Asia-Pacific region economically outgrowing other parts of the world? | DW News

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Asia's economies are reopening with impressive dynamism, that's according to the Asian Development Bank's assesment published earlier on Tuesday. Private consumption, investment, and services,  including tourism, are reviving now that the pandemic has largely passed.

China's reopening after last year’s lockdowns is brightening the outlook for both the region and the global economy. Regional growth is expected at 4.8% this year and next, with South Asia expected to grow faster than other regions. Growth in East Asia and Southeast Asia is benefiting from increased domestic demand, and growth in the Pacific from returning tourists.

Inflation is gradually coming down to pre-pandemic levels — the ADB forecasts the rate for developing Asia at 3.3% in 2024. 

We speak to Albert Park, the Asian Development Bank's Chief Economist and ask him: Why is the Asia-Pacific region economically outgrowing other parts of the world.

#growth #china #economy

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Category
Europe
Tags
DW News, china, economy
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