The Asia-Pacific region excluding Japan, Australia and New Zealand is forecast to grow 4.9% in 2024 and 4.8% in 2025.

Developing countries in Asia may grow more slowly than previously forecast in 2024 and 2025, according to a report by the Asian Development Bank (ADB) released today.

The Asia-Pacific region excluding Japan, Australia and New Zealand is forecast to grow 4.9% in 2024 and 4.8% in 2025, down slightly from the September forecasts of 5% and 4.9%.

ADB pointed out that the reason for the growth decline was due to poor economic performance in some economies in the third quarter and weak consumption prospects.

China’s growth forecast, the world’s second-largest economy, remains unchanged at 4.8% in 2024 and 4.5% in 2025.

However, the ADB has lowered its forecast for India’s economic growth to 6.5% this year, down from 7% previously, and to 7% in 2025, down from 7.2%.

Notably, in that overall picture, ADB has raised its forecast for Vietnam’s economic growth to 6.4% and 6.6% in 2024 and 2025, respectively, from previous forecasts of 6% and 6.2%.