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Developing Asia is set to grow faster this year—despite China's slowdown—on the back of "robust domestic demand, improving semiconductor exports, and recovering tourism," according to a Asian Development Bank forecast.
It says inflation is expected to ease in the coming months on continued contractionary monetary policy
The upward revision is based on India’s higher-than-expected gross domestic product (GDP) growth of 7.6 per cent in the September quarter
The currency markets are currently in a state of anticipation, with Dollar trading within familiar range as investors await FOMC rate decision. The critical question facing the markets is whether Fed will signal the pace of rate cuts in its updated dot plot. In September, the median projection indicated the federal funds rate would remain at 5.125% by the end of 2024, implying no rate cuts from the current level. While revisions to this projection are expected, the exact pace and extent of potential rate cuts remain uncertain.
MANILA — Developing Asia will likely end the year on a brighter note, the Asian Development Bank said on Wednesday (Dec 13), with growth in the region expected to be stronger than previously thought due mainly to a recovery in China's economy. The ADB raised its 2023 growth forecast for developing Asia to 4.9 per cent from 4.7 per cent...