The International Monetary Fund boosted its growth forecast for Asia this year, reflecting a rosier outlook for two of the region’s largest economies and flagging a possible upward revision in its outlook for China.
Asia's economy is set to expand 4.5% in 2024 from the prior year, according to the IMF report on Tuesday. This is 0.3 percentage points higher than its October outlook for the region but a slowdown from last year’s 5% pace.
The latest data has taken into account the higher forecast for India published earlier this month and China’s pace, on the back of expectations that government stimulus will boost growth. On China, the IMF said first-quarter growth came in stronger than expected on robust exports and manufacturing demand, which may prompt another upward revision.