The Xinhua agency cited the latest report from the Asian Development Bank (ADB), according to which the growth outlook for the economies of the region remains at 4.8 percent. Also according to the information, domestic demands and service activities are driving growth, while many economies are also benefiting from a strong recovery in tourism.
Meanwhile, the demand for exports of electronic products and other manufactured goods have slowed down as the monetary adjustment hinders activity in the main advanced economies.
Nonetheless, inflation is expected to continue its descent, approaching pre-pandemic levels as fuel and food prices decline.
The report on Asia takes into account 46 countries in the region and excludes Japan, Australia and New Zealand.
China’s GDP grew 5.5 percent year-on-year in the first six months on the back of increasingly strong post-Covid-19 domestic consumption.
According to the National Bureau of Statistics, the figure ranks China among the fastest growing economies in the world and marks a good time for the country’s development.
China announced new policies to restore and stimulate consumption, which maintained a positive performance during the first semester, with retail sales exceeding three trillion dollars.
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