Asia House Annual Outlook 2024 – Asia – The world’s growth engine in a turbulent year
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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.
The report includes detailed outlooks for China, India, Japan, Indonesia, Vietnam, Malaysia, Thailand and the Philippines.
The Asia House Annual Outlook 2024 was authored by Phyllis Papadavid, Director of Research at Asia House, with Zhouchen Mao, Head of Research and Advisory at Asia House, a contributing author on China and Freddie Neve, Senior Middle East Associate at Asia House.
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