ADB Trims 2023 Asia Growth Forecast on China Property Woes, But Sees Resilient 2024 Recovery

ADB trims 2023 growth forecast for developing Asia to 4.7% from 4.8% projected in July
Cites weakness in China's property sector and El Niño-related risks as downside risks
But raises 2024 growth forecast slightly to 4.8% from 4.7%
Sees resilient growth based on strong domestic demand and investment
Tempers growth forecasts for East Asia, South Asia and Southeast Asia
China and India expected to grow 4.9% and 6.3% respectively in 2023
China's property crisis poses downside risk to regional growth

reuters.com

Relevant topic timeline:

8/21/2023

More economists cut China forecasts as real estate gloom deepens

Foreign banks are lowering their China forecasts due to signs of distress in the property sector, with missed payments by developer Country Garden and trust company Zhongzhi Group contributing to rising concerns.

8/29/2023

There could be even tougher times ahead for China's economy, as forecasters slash their growth predictions

Forecasters have decreased their growth expectations for China due to deflation, rising youth unemployment, and a property-market crisis, with GDP predicted to rise by only 5.1% in 2023 and 4.5% in 2024.

9/11/2023

Analysts Cut China 2023 GDP Growth Forecasts Below 5% on Weak Exports and Property Woes

Several international financial institutions have lowered their growth forecasts for China's economy below the government's target due to weak exports and a property crisis, posing a challenge despite Beijing's optimistic rhetoric.

9/12/2023

China Growth Forecasts Slashed Amid Property Downturn and Trade Tensions

China's economy is expected to grow less than previously anticipated due to struggles in the property market, leading economists to predict further downgrades and posing risks to both the domestic and global economy.

9/23/2023

ADB Forecasts 6.3% GDP Growth for India in 2023 Despite Weaker Exports

The Asian Development Bank has lowered India's GDP growth forecast for FY 2023-24 to 6.3% due to the impact of extreme rainfall patterns on agriculture, while maintaining a growth projection of 6.7% for FY 2024-25, citing corporate profitability and strong bank credit as key factors. Additionally, the bank expects inflation to moderate and retail sales to be affected by food inflation, while India's external trade is expected to be affected by weak global demand. Despite these challenges, India's GDP growth outlook remains higher compared to its Asian peers.

10/2/2023

World Bank Downgrades Growth Forecasts for East Asia Pacific on Slowing China and Global Demand

The World Bank has lowered its growth forecast for developing East Asia and the Pacific, citing a sluggish China, dampened trade, and high debt levels as factors contributing to the downgrade.

10/18/2023

China's Economy Beats Expectations in Q3; Retail Sales Surge While Real Estate Drags

China's economic growth forecast for next year has been downgraded by the World Bank due to persistent difficulties such as elevated debt, property weakness, and an aging population.

10/19/2023

China's Property Slump Darkens Economic Outlook

China's economic growth forecast for next year has been downgraded by the World Bank due to the ongoing slowdown in the country's real estate market, which is expected to put pressure on global growth.