IMF expects accelerated GDP growth in Asia-Pacific region in 2023

The International Monetary Fund (IMF) predicts an acceleration in GDP growth in the Asia-Pacific Region to 4.6% in 2023 from 3.8% in 2022, Report informs referring to the IMF.

The share of Asia-Pacific countries in world economic growth this year will be slightly less than 70%, of which 34.9% will fall on China and 15.4% on India. The main factor is the recovery of the Chinese economy, where the rapid increase in consumption stimulates economic growth throughout the region.

According to the report, the main tasks of the Asia-Pacific region include the need to maintain a tight monetary policy to reduce inflation, and manage the possible consequences of the recent banking turmoil in Europe and the US.

In the long term, the IMF predicts a significant slowdown in China’s economic growth due to the unfavorable demographic situation and slowing productivity growth.