April 4, 2023

MANILA, April 4 (Reuters) - Developing Asia will grow faster than previously thought this year, underpinned by a stronger-than-projected rebound in China, but risks from global banking turmoil could weigh on the outlook, the Asian Development Bank (ADB) said on Tuesday.

Developing Asia, which groups together 46 economies in the Asia-Pacific, is forecast to grow 4.8% in 2023, the ADB said in its Asian Development Outlook report, more than its previous estimate of 4.6% in December, and following 4.2% growth in 2022.

Driving the region's growth this year is China's recovery after it ended its zero-COVID policy in December, with the world's second-biggest economy seen expanding 5.0% this year, the ADB said, above its earlier estimate of 4.3%.

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