Asian economy set to grow 4.5% this year, predicts Boao Forum

By Riyaz ul Khaliq

ISTANBUL (AA) – The Asian economy will grow 4.5% during the ongoing financial year, said a report by China’s annual Boao Forum which opened on Tuesday.

The report, titled Asian Economic Outlook and Integration Progress, was released as the four-day forum convened in the southern resort of Boao in the Hainan province.

It, however, said the overall unemployment rate in Asia, which accounts for 49% of the world’s GDP, is “expected to remain below the global average at a forecast of 4.71% in 2024,” the Chinese state media reported.

South Asia is expected to lead the regional growth at 5.8% while it painted a dim picture for Central Asia, where growth is likely to decelerate to 4.3% from 4.5% posted last year, the report said.

“Momentum of Asian economic growth and regional economic integration will remain robust,” said Zhang Yuyan, the director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

Analysts, businessmen, and policymakers from around the globe have gathered in Boao for different panel discussions, roundtables, and CEO dialogues where among many issues artificial intelligence, future of new energy vehicles, and high-quality Belt and Road cooperation are expected to be discussed.

Zhao Leji, the chairman of the Standing Committee of China’s National People’s Congress, is expected to deliver a keynote speech during the plenary of the forum, themed Asia and the World: Common Challenges, Shared Responsibilities, on Thursday.