Asia will defy the global trend by delivering robust economic growth in 2024 – according to Asia House’s Annual Outlook.
London, 23 January 2024: Asia’s economies will be the global growth engine in 2024, buoyed by regional trade and advances in digital technology and green finance, according to new research from the London-based think tank, Asia House.
The Asia House Annual Outlook 2024 examines how Asia’s economies will power ahead in 2024, delivering growth of circa 5 per cent overall despite external global pressures including geopolitical tensions, conflict and a challenging inflation and interest rate environment.
The report finds that Asia’s digitalisation drive will spur productivity gains and accelerate regional trade, while coordinated policy efforts will expand the availability of climate finance.
‘Asia’s macroeconomic fundamentals and policies geared to digitalisation and sustainability are likely to hold it in good stead compared with the rest of the world,’ the Annual Outlook finds.
However, mirroring the global outlook, Asia faces multiple risks, from possible disruptions caused by the number of elections in this “super-election” year, to escalating political tensions, volatile energy markets and restrictive monetary conditions.
Asia House has assessed eight key economies in Asia. This shows that Vietnam and the Philippines will be the standout performers, while India will also register strong growth. Indonesia, which has a Presidential election next month, will deliver growth of 5 per cent, as will Malaysia. China’s economy will slow but it is still likely to grow, with forecasts ranging from 4.5 to 5 per cent.
Michael Lawrence, Chief Executive of Asia House: “The centre of economic gravity has been shifting to Asia for a number of years but that shift will accelerate in 2024. High growth rates, spurred in part by rapid digitalisation, will see an increase in productivity and regional trade. Several of the countries examined in our report will record growth in excess of 6 per cent, easily outperforming most developed economies. There remain multiple risks, particularly in what promises to be a turbulent year in terms of geopolitics and the global macroeconomic environment, but Asia is well placed to weather any shocks and still deliver robust growth.”
The report includes detailed outlooks for China, India, Japan, Indonesia, Vietnam, Malaysia, Thailand and the Philippines.
Read the full Asia House Annual Outlook report here
For more information, please contact Juliette Pitt
Mobile number: +44 (0) 20 7307 5454