Asian Development Bank: Asia Set for Strong Growth

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The Facts

  • The Asian Development Bank (ADB) stated in its latest growth outlook — published Tuesday — that the Asia-Pacific is expected to have strong economic growth this year following China's reopening after Beijing scrapped its strict "zero COVID" strategy.

  • Developing Asia, which comprises 46 economies in the region with the exception of Australia, Japan, and New Zealand, is reportedly set to grow by 4.8% in 2023 and 2024, up from 4.2% in 2022.

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The Spin

Narrative A

While the world is counting on China to promote economic growth and avoid recession, repeating its role after the 2008 financial crisis, the nature of this rebound cycle is different from past expansions as it will be driven by consumers this time around. The biggest effects of its reopening are to be felt at home in service industries rather than spilling over to the rest of the world.

Wall Street Journal

Narrative B

China's newly adopted measures to prevent and control the pandemic will not only stimulate the Chinese economy at home but also help fuel global economic recovery by expanding market demand. While economic challenges still remain that may threaten global growth, China will proactively seek to stabilize industrial capacity and supply chains while upholding multilateralism.

XINHUA

Metaculus Prediction

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