India and China will together account for nearly half of this year’s growth in a slowing global economy, with Asia emerging as the ‘extraordinary performer’ continent. A Chinese research institute has expressed this estimate.
The Bao Forum for Asia (BFA), a leading research institute of the Chinese government, said in a report released on Tuesday that in the year 2023, Asian economies are maintaining the pace of the world’s overall economic revival. In this way, Asia’s performance is proving to be extraordinary in the era of global economic slowdown.
The report titled ‘Asian Economic Landscape and Progress in Integration’ was released on the first day of the four-day conference held in Bao, Hainan Province. Accordingly, Asia’s real gross domestic product (GDP) growth rate is projected to increase to 4.5 percent in 2023 from 4.2 percent in 2022.
Citing data from the International Monetary Fund (IMF), the report said that India and China together are going to contribute half of the global economic growth this year. Thus, Asian economies remain the major engines of accelerating overall economic growth in 2023.
IMF estimates that India’s growth rate this year will be 6.8 percent while China’s growth rate may be 5.2 percent.
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