IMF Says China, India to Drive About Half of 2023 Global Growth
- IMF releases fresh regional forecast for Asia-Pacific economy
- Asia will need ‘contingency plans’ for financial stress
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China and India will together account for about half of global growth this year, underscoring Asia’s increasing heft in the world economy, according to the International Monetary Fund.
The Washington-based fund is now forecasting growth in the Asia Pacific region will come in at 4.6% this year, some 0.3 percentage points higher than expected in October, and faster than the 3.8% last year — mostly due to China’s reopening. The region as a whole will contribute over 70% of global growth this year, the IMF estimates.