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| The IMF's Regional Economic Outlook report said that Asia-Pacific will be the most dynamic region among the world's major regions by 2023. |
Asia's economy is forecast to grow 4.6% in 2023, 0.3% higher than the forecast made in October 2022, contributing about 70% to global growth.
Like the rest of the world, domestic demand is expected to remain the largest driver of growth across Asia in 2023. China and India will be the main drivers, growing 5.2% and 5.9%, respectively. The impact on Asia from financial sector tensions in the US and Europe has so far been relatively contained.
Previously, Morgan Stanley Bank on April 12 forecast that by the end of 2023, Asia's growth rate could surpass that of developed countries by 5%. Morgan Stanley experts said that this was the strongest growth rate since 2017, mainly thanks to China's reopening after the Covid-19 pandemic and maintained regional demand, with interest rates somewhat loosened.
Morgan Stanley said that the pressure from the banking sector in the US and Europe further demonstrates Asia's superior capacity. Solid domestic demand helps the region create the necessary momentum to promote strong growth. The other three major economies, Japan, India and Indonesia, all have special economic factors to promote domestic consumption.
On April 4, the Asian Development Bank (ADB) raised its 2023 growth forecast for Asian economies to 4.8%, higher than the 4.6% forecast in December 2022.
ADB assessed that after impressive results in 2022, Vietnam's economic growth is forecast to slow slightly to 6.5% this year and increase to 6.8% in 2024.
In 2022, Vietnam's GDP growth will reach 8.02%, GDP scale will exceed 400 billion USD, ranking fourth in ASEAN, trade turnover will exceed 730 billion USD, in the group of 30 countries and territories with the largest export value of goods globally.
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