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A skyline view of Nanjing, Jiangsu Province, China. /CFP
The Asian Development Bank (ADB) has kept its growth forecast for China unchanged while reducing its growth expectations for developing economies in the Asia-Pacific region.
In its latest economic outlook report released on Wednesday, the ADB maintained its 2024 growth forecast for China at 4.8 percent and 4.5 percent for 2025. These GDP projections were the same as the ADB's last estimates made in September.
However, the ADB lowered its growth expectations for developing economies in the Asia-Pacific region, revising its 2024 forecast from 5.0 percent to 4.9 percent and the 2025 forecast from 4.9 percent to 4.8 percent.
While the ADB said the region's overall economic momentum remained solid, it cautioned that potential policy shifts by US President-elect Donald Trump could impact the region.
The ADB pointed out that changes in trade, fiscal and immigration policies under Trump's administration could dent economic growth in the Asia-Pacific region and boost inflation.