The International Monetary Fund (IMF) recently released the Economic Outlook Report for Asia and the Pacific, which states that the economic growth rate in Asia and the Pacific is estimated to be 4.6 percent in 2023, which is higher than last year. will exceed 3.8 per cent. China’s economic growth this year is estimated to be 5.2 percent, which will be a major driver of growth in the region.
The report said that the world economy is full of challenges but Asia and the Pacific region will remain a vibrant force. This is mainly because China’s economic reform continues apace and India’s economic development remains resilient. It is estimated that the contribution of this sector to the global economic growth will be more than 70 percent. The report further states that despite several headwinds, strong domestic demand in China will continue to provide new momentum to economic growth. The report also said that the emerging market and developing economic communities of Asia and the Pacific region will have a growth rate of 5.3 percent, of which India will have a growth rate of 5.9 percent.
(Credits-China Media Group, Beijing)
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