Economies in Asia Expected to Grow Around 5% in 2024

Estimates by the Asian Development Bank suggest that in 2024, emerging economies in Asia will grow by 4.9% compared to 2023, led by increased economic activity in India (6.7%). Meanwhile, China's economy is projected to increase its production level by 4.5% in 2024, while Southeast Asian economies are expected to grow by 4.7%. Furthermore, the Republic of Korea and Singapore will grow by 2.2% and 2.5% respectively.

Similarly, the International Monetary Fund holds a similar, albeit slightly more optimistic view on the growth of economic activity in the region than the ADB, projecting an increase of 5.2% for the year. The growth of the Asian region also will be led by India with a projected 6.5% expansion, while China's economy is expected to grow by 4.6%.

Thus, developing economies in Asia are poised to remain key drivers of global economic growth, which will have a positive impact on the trade of Latin American countries, many of which count Asia as one of their main trading partners in the region.

Source: The Secretary General of ALADI based on the Asian Development Bank and the International Monetary Fund