MANILA, Dec 13 Reuters Developing Asia will likely end the year on a brighter note, the Asian Development Bank said on Wednesday, with growth in the region expected to be stronger than previously thought due mainly to a recovery in China39;s economy.
The ADB raised its 2023 growth forecast for developing Asia to 4.9 from 4.7 projected in September, but kept its growth outlook for the region at 4.8 next year.
The ADB also revised upwards its growth projection for China to 5.2 from 4.9 previously, but maintained its growth forecast for the world39;s secondlargest economy at 4.5 next year.
China39;s economy grew at a fasterthanexpected clip of 4.9 in the third quarter, while consumption and industrial activity in September also surprised on the upside, supported by a flurry of policy measures that bolstered a tentative recovery.
The ADB said robust domestic demand, stronger remittances, recovering tourism were underpinning economic activity in the region, which consists of 46 economies in the AsiaPacific and excludes Japan, Australia and New Zealand.
Outlook for the subregions was mixed, with East Asia seen growing faster at 4.7 this year versus the ADB39;s 4.4 forecast in September, while Southeast Asia was projected to grow at 4.3, slower than the previous forecast of 4.6.
South Asia was likewise expected to post stronger growth of 5.7 this year from 5.4 previously, with India39;s economy seen expanding at a faster clip of 6.7 this year.
Inflation in developing Asia…