BEIJING, Apr 11 (APP): The Asian Development Outlook April 2024 report forecasts China’s economy to grow 4.8 percent this year, compared with a previous forecast of 4.5 percent in December, according to the Asian Development Bank (ADB) on Thursday.
The ADB also nudged up its 2024 growth forecast for Developing Asia to 4.9% from the 4.8% projected in December
“An increase in household consumption should help drive economic growth this year, as the labor market and household income improve,” said ADB Country Director for China, Safdar Parvez. “Effective measures to resolve property sector problems and strengthen private investment and household consumption should be enhanced this year to support growth momentum.”
Investment is expected to be supported by strong public infrastructure spending, boosted by fiscal expansion, while high-tech and other manufacturing investments should continue to grow solidly on the back of policy support. However, subdued consumer and investor sentiment in the property sector are expected to persist.
Addressing a press conference here, Head of Economics and Strategy Unit, Akiko Terada-Hagiwara forecast regional growth at 4.9% for 2024 and 2025 for Developing Asia.
The projected economic growth for Caucasus and Central Asia is 4.3%, for East Asia is 4.5% for South Asia is 6.3%, for Southeast Asia is 4.6% and for the Pacific is for 3.3% respectively.
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