Macroeconomic prospects, challenges and policies

Macroeconomic conditions in the developing Asia-Pacific region continue to remain challenging, despite higher GDP growth and moderating inflation. Average economic growth in the region picked up from 3.5 per cent in 2022 to 4.8 per cent in 2023; however, the rebound was concentrated in only a few large economies. In other developing Asia-Pacific economies, economic growth remained moderate in 2023. On the external front, countries that rely on merchandise exports faced weak external demand, especially from China and Europe. On the domestic front, although global commodity prices have receded from their 2022 peaks following the outbreak of war in Ukraine and international sanctions related to that war, average inflation in the Asia-Pacific region remained relatively high, thus repressing household consumption.

Sustainable Development Goals:

No Poverty

Decent Work and Economic Growth

Reduced Inequalities