Asian economy expected to increase 4.5 percent in 2024: report

(ECNS) — The Asian economy is expected to increase by 4.5 percent in 2024 amid a strong consumption and proactive fiscal policy, faster than 2023, according to the Asian Economic Outlook and Integration Progress flagship report issued at the Boao Forum for Asia Annual Conference 2024 in South China’s Hainan Province on Tuesday.

Despite internal and external economic challenges, the Asian economy will maintain a high growth in 2024, the report forecasted.

In terms of unemployment, Asia’s overall unemployment rate for 2024 will be lower than the global rate, according to the report.

The International Labor Organization forecasted the global employment growth rate will maintain at 0.8 percent and the global unemployment rate at 5.16 percent, with Asia’s at 4.71 percent.

The price increase remains stable and the inflation pressure in most Asian economies is expected to ease further in 2024, but income growth still faces considerable challenges.

In terms of trade and investment, Asia’s trade in goods declined, but trade in services grew rapidly last year. Asia is expected to reverse the downward trend in 2023 with the accelerated development of digital trade, the recovery of tourism in Asia, the continuous advancements of economic and trade arrangements such as the Regional Comprehensive Economic Partnership, the report said. 

The positive effects of restructuring Asian value chains and industrial chains on regional economic integration are expected to gradually emerge and add new impetus to Asian trade and investment.

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