The Asian Development Bank has raised its 2024 growth forecast for developing Asia to 5.0%, citing stronger domestic demand and export growth, while highlighting risks from elections and geopolitical tensions.
Bollywood Fever: The Asian Development Bank (ADB) has slightly increased its growth forecast for developing Asia this year, attributing the adjustment to stronger domestic demand and export growth. However, the bank also highlighted potential risks stemming from a series of significant elections and ongoing geopolitical tensions.
In a report released on Wednesday, the ADB now expects developing Asia, which comprises 46 economies in the Asia-Pacific region, to grow by 5.0% in 2024. This is a marginal increase from the previous forecast of 4.9% made in April. The region experienced a growth rate of 5.1% in 2023.

For 2025, the ADB has maintained its growth forecast at 4.9%. The report notes, “Policy uncertainty related to elections in major economies, particularly the United States, clouds the outlook,” adding that potential escalations in conflicts in the Middle East and Ukraine also pose significant challenges.
The ADB has kept its 2024 and 2025 growth forecasts for China at 4.8% and 4.5%, respectively. However, it cautioned that a deeper property slump in China could lead to weaker growth prospects. Recent official data revealed that China’s economy grew by 4.7% year-on-year in the April-June period, marking its slowest growth since the first quarter of 2023.
The ADB also projects that regional inflation will decrease to 2.9% in 2024 from 3.3% last year, with a slight increase to 3.0% expected in 2025.
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