Asia is poised for a strong economic recovery, with China as the main driver

Developing economies in the Asia-Pacific region will see rapid growth this year as consumption, tourism and investment continue to recover, and China will become the main engine of economic growth in the region, according to the Asian Development Bank (ADB), which released its Asian Development Outlook 2023 (April edition) on April 4, Al Jazeera reported.

The latest Asian Development Outlook 2023 says developing economies in the Asia-Pacific region are expected to grow by 4.8% in 2023, up from the 4.6% it forecast in December. Asia's developing economies will grow by 4.2% in 2022.

The ADB expects growth to pick up to 5% in 2023.

The ADB noted that with the optimization and adjustment of epidemic prevention and control measures, China will become a "major engine" for the rapid economic development of the Asia-Pacific region. Albert Parker, the ADB's chief economist, said China's economic recovery and opening up "provide the strongest drivers of growth in the Asia-Pacific region".

"As production and life normalise, the economic outlook for the Asia-Pacific region is brighter and poised for a strong recovery," Mr Parker said.

Leisure and work travel resumed, and economic activity picked up speed. Of course, many challenges remain in the Asia-Pacific region, and governments need to further support policies that strengthen cooperation and promote integration to promote trade, investment, productivity and economic resilience."