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On July 17, the Asian Development Bank released the Asian Development Outlook 2024. The bank raised its economic growth forecast for developing economies in the Asia-Pacific region from 4.9% to 5.0% in 2024. The economic growth forecast for 2025 remained unchanged at 4.9%. The forecast for China’s economic growth remained unchanged at 4.8% in 2024 and 4.5% in 2025.
The report said China’s economy grew 5.3% year-on-year in the first quarter of 2024, far exceeding expectations, as services and consumption continued to recover and exports and industrial activity grew better than expected. The report predicted that inflation in the region’s developing economies would fall further, according to China Radio International.
The report said that factors such as the uncertainty of the results of the US presidential election, the escalating geopolitical environment and extreme weather will lead to slower US economic growth.
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