ADB – Pacific Economic Monitor, Aug 2024

The global economic growth was 3.2% in 2023, projected to remain at this rate in 2024-2025, lower than historical levels due to borrowing costs, fiscal consolidation, and trade constraints. Developing Asia grew by 5.1% in 2023, projected at 5.0% in 2024 and 4.9% in 2025, driven by domestic demand and exports. The Pacific subregion is expected to grow by 3.3% in 2024 and 4.0% in 2025, with risks of labor shortages and commodity price volatility. The US economy grew by 1.3% in Q1 2024, projected at 2.0% in 2024 and 1.7% in 2025. The PRC saw GDP growth of 5.3% in Q1 2024, forecasted at 4.8% in 2024 and 4.5% in 2025, with challenges in the real estate sector. Japan's economy declined by 1.8% in Q1 2024, projected at 0.6% in 2024 and 1.0% in 2025. The Australian economy remained flat in Q1 2024, expected to grow by 1.4% in 2024 and 2.3% in 2025.