(VOVWORLD) -Asia’s economy is expected to expand 4.6% this year after a 3.8% increase in 2022, contributing about 70% of global growth, said the International Monetary Fund (IMF) on Tuesday.
The IMF upgraded its forecast by 0.3 percentage points from its October 2022 forecast, but warned of risks from persistent inflation and global market volatility driven by Western banking-sector woes.
According to the IMF, the reopening of China's economy is key to Asia with the spillover seen focused on consumption and service-sector demand rather than investment.
China and India will be the main drivers with growth of 5.2% and 5.9% respectively, the IMF said in its regional economic outlook report.