STORY: ADB forecasts 4.9 pct growth for developing Asia and Pacific in 2024, 2025
SHOOTING TIME: April 11, 2024
DATELINE: April 12, 2024
LENGTH: 00:02:02
LOCATION: Manila
CATEGORY: ECONOMY

SHOTLIST:
1. various of Makati City
2. various of ADB headquarters
3. various of aerial footage of Manila

STORYLINE:

Asia and the Pacific's economy remains strong, with the growth rate in the region's developing economies projected at 4.9 percent in 2024 and 2025, the Asian Development Bank (ADB) Thursday said in its latest outlook report.
   
Despite uncertainties in the external environment, including escalating geopolitical tensions, the outlook "is broadly positive," said ADB in the annual flagship outlook report.
   
The end of interest rate hiking cycles in most economies, as well as continued recovery in goods exports from an upturn in the semiconductor cycle, will support growth, ADB Chief Economist Albert Park said in the report.
   
Stronger growth in South Asia and Southeast Asia will lead the region's performance, said the report, urging policymakers to promote resilience by continuing to enhance trade, cross-border investment, and commodity supply networks.
   
The report also forecast that inflation in the region's developing economies is projected to continue to gradually decline, from 3.3 percent in 2023 to 3.2 percent in 2024, further to 3 percent in 2025.
   
Meanwhile, the report warned of multiple challenges to the region, highlighting the region's vulnerability to geopolitical tensions and conflict which could disrupt supply chains and reignite inflationary pressures.
   
Public debt has stabilized in many economies following pandemic-related stimulus, but debt levels remain higher than before the pandemic, the report added.
   
"Elevated interest rates and slow revenue continue to pose a challenge to public finances throughout the region," ADB President Masatsugu Asakawa said

Xinhua News Agency correspondents reporting from Manila.
(XHTV)