The Asian Development Bank (ADB) has reaffirmed its confidence in China’s economic trajectory, maintaining its growth forecasts for the Chinese mainland while adjusting expectations for the broader Asia-Pacific region.
In its latest economic outlook report released on Wednesday, the ADB kept its 2024 growth projection for China at 4.8 percent and forecasted 4.5 percent for 2025, figures consistent with its previous estimates in September. This stability reflects the ADB’s assessment of China’s ongoing economic policies and domestic demand.
Conversely, the ADB revised its growth expectations for developing economies in the Asia-Pacific region, lowering the 2024 forecast from 5.0 percent to 4.9 percent and adjusting the 2025 forecast from 4.9 percent to 4.8 percent. While the region’s overall economic momentum remains solid, the adjustments signal caution amid global uncertainties.
The ADB highlighted potential shifts in United States policies under President-elect Donald Trump as a significant factor that could impact the region’s economies. Changes in trade, fiscal, and immigration policies could pose challenges for Asia-Pacific nations, potentially dampening economic growth and increasing inflationary pressures.
Despite these concerns, the ADB’s steady outlook for China underscores the nation’s role as a stabilizing force in the region. As economies adjust to global policy shifts, China’s sustained growth may provide a buffer against external uncertainties, supporting continued development across Asia.
Reference(s):
cgtn.com
