ADB ,Asia set for strong growth after China’s opening

Asia’s economy is expected to grow by 4.8 percent in 2023 and 2024, up from 4.2 percent in 2022, thanks to China’s removal of strict pandemic restrictions, according to the Asian Development Bank. China’s reopening following the end of its “zero COVID” strategy is the main factor driving the improved outlook. However, risks such as Russia’s war in Ukraine, rising interest rates, and high levels of debt must be closely monitored, the bank warned. The region is expected to see strong growth in consumption, tourism, and investment, with India and Southeast Asian countries such as Indonesia, the Philippines, and Vietnam leading the way.