Asian economic growth projected to reach 4.5% in 2024
Despite differences and uncertainties, the Asian economy is projected to sustain a strong growth rate in 2024, accounting for 49 percent of the world’s GDP, and its growth rate is expected to reach 4.5 percent, continuing to be the largest contributor to global economic growth, said a report released on March 26 during the ongoing Boao Forum For Asia in South China’s Hainan Province, Azernews reports, citing Global Times.
The report, titled Asian Economic Outlook and Integration Progress, said facing a tough external environment and the need to tackle internal challenges, the Asian economy still holds hope for a promising economic performance on the horizon.
In terms of unemployment, the overall unemployment rate in Asia is expected to remain below the global average at a forecast of 4.71 percent in 2024, although the global employment outlook for 2024 is not particularly optimistic due to the ongoing economic downturn.
The report includes information about income and prices, noting that despite longer working hours for full-time jobs in many Asian countries, income growth is still facing significant challenges. Inflationary pressures in Asia are expected to decrease, although some economies with low inflation may see a slight increase in prices.
Affected by a global economic slowdown, geopolitical conflict, the still-tight international financial environment and some other factors, the growth of Asian and even global trade and investment may face greater pressures and the impact of supply chain ruptures in 2024, the report noted.
However, positive factors including the accelerated development of digital trade, the recovery of tourism in Asia, as well as the continuous advancements of some economic and trade arrangements such as the Regional Comprehensive Economic Partnership (RCEP), the positive effects of the restructuring of Asian value chains and industrial chains on regional economic integration are expected to gradually emerge, which will add new impetus to Asian trade and investment, according to the report.
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