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HONG KONG SAR – Please find below the key takeaways from Overall Asia macro-economic outlook: \nMajor Asian economies’ performance: a mixed bag
\nMedia OutReach<\/a> – 8 March 2023 –
\nAtradius<\/a>, a global trade insurance leader, has today released its
\n2023 Regional Economic Outlook<\/b> report,
\nsetting out growth forecasts for key economies in Asia<\/b>, including the outlook for a newly reopened China,
\nand offering a long-term view on the risks of geo-economic fragmentation<\/b> resulting from ongoing supply chain reconfigurations and geopolitical tensions.<\/p>\n
\nBert Burger, Principal Economist, Atradius, <\/b>and the full report is available for download
\nhere<\/a>.\n<\/p>\n
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\n Except for China and Thailand,
\n most economies in Asia will likely see lower real GDP growth this year than in 2022<\/b>. However, as the aforementioned headwinds weaken over the coming months and the impact of China’s reopening cascades through the region,
\n the recovery is expected to pick up momentum in 2024.<\/b>
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\n risking a middle-income trap<\/b>.\n <\/li>\n
\n 4.8% and 6.8%, respectively<\/b>. The country’s relatively strong performance is underpinned by a less severe surge in inflation, a
\n strong domestic economy <\/b>that is offsetting decline in external demand, and
\n improving overall business environment<\/b>, which is attracting international investments.\n <\/li>\n<\/ul>\n\n
\n Japan and South Korea \u2013 growth will be muted this year at 0.7% and 0.8%,<\/b>
\n respectively<\/b> \u2013 as high inflation dents their recovery. High household debt in South Korea has kept a lid on consumer spending after recent rate hikes. Meanwhile, pent-up demand in Japan will partly compensate for inflation, supporting the recovery in domestic consumption to continue but at a slower rate than last year.\n <\/li>\n<\/ul>\n