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China’s reopening will be a big boost for the region: ADB chief economist
Mr Albert Park, chief economist of the Asian Development Bank (ADB), talks to Vikram Khanna about the future of Asian trade, foreign direct investment and the role of the US dollar. Here are some excerpts from the interview.
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Mr Albert Park said that with the reopening of China, there will be a big recovery of demand among Chinese consumers.
PHOTO: ADB
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Q. How will China’s reopening impact Asian economies? Which will be the biggest beneficiaries? Will any countries be negatively affected?
A. China’s reopening will be a big benefit for the region. Our latest forecast for growth in 2023 for developing Asia last December was 4.6 per cent. That will definitely be upgraded, partly because growth in China will be upgraded – and China is a huge share of the region’s gross domestic product – but also because there are a lot of linkages between the Chinese economy and the rest of Asia. The International Monetary Fund upgraded its forecast for China’s growth recently from 4.4 per cent to 5.2 per cent for this year.
