Certainly, here’s the summary of key economic developments in developing Asia and the Pacific presented by the ADB report:
- Economy Growth: Developing Asia would likely grow by 4.9% in 2024 and 4.8% in 2025.
- China’s Stability: The ADB’s forecast for China sticks at 4.8% in 2024 and 4.5% in 2025.
- Impacts of US Policy: The Impact of any new policy in the Trump administration about trade, fiscal or immigration policy could be felt in both growth and inflation for developing Asia countries.
Effects on Global Economy: New tariffs by the US Government according to the report by Oxford Economics would slow the growth of the global economy further.
Also Read: IPSOS Survey Shows Steady Progress Toward Stability
In stark contrast, major international economic organizations praise China’s role in the global economy. Heads of major global economic organizations such as IMF’s Kristalina Georgieva and WTO’s Ngozi Okonjo-Iweala congratulated China recently on their meeting with the country’s top leaders over the welcome news.
KPMG China also cites that China has a bright market potential and its advantageous position in the global supply chain, which is drawing foreign investors to the Chinese market. In light of domestic demand improving further in China, investors’ perceptions are thought to improve.
Global economic dynamics are, thus, heavily affected by US policy changes regarding trade as well as by China’s consistent role within the global trade system.