Asia's economy to grow 4.5% in 2024: Boa Forum

The Boao Forum for Asia Research Institute forecast Tuesday that Asia's economy will grow 4.5 percent this year, up from 4.3 percent last year.

The forecast came as the Boao Forum for Asia Annual Conference 2024 kicked off in Hainan.

Li Baodong, secretary general of the Boao Forum for Asia, said growth will continue, particularly in the South Asian region, as the continent faces challenges including geopolitical tensions and extreme weather.

„India, Indonesia and Saudi Arabia are among the Asian developing economies with very good growth prospects, and Asia will continue to be the region that contributes the most to global economic growth,” Li said.

He also said that China's economy will continue to see growth.

Zhang Yuan, director of the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, told the forum that Asia's trade fell nine percent year-on-year in the three quarters to 2023, while overseas fell 12 percent. Direct investment in developing countries.

While such pressures may continue in the coming year, the situation may improve due to factors such as rapid growth in digital commerce and rapid recovery in the tourism sector, he said.

“The Regional Comprehensive Economic Partnership… continues to advance in its economic arrangements. There is also a restructuring of Asian value chains and supply chains. All these are positive factors to promote Asian trade,” he added.

With the theme „Asia and the World: Common Challenges, Shared Responsibilities”, the four-day BOA event is said to have attracted around 5,000 participants this year.

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It will have four sections covering the global economy, technology and innovation, social development and international cooperation.

National People's Congress Standing Committee Chairman Zhao Lejie will deliver a keynote speech at the forum on Thursday.

Chief Secretary Eric Chan will also attend the event.

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