Emerging Asia will drive global growth, says Swiss Re
An emerging Asia is expected to be the main contributor to global economic growth in the coming years, according to the latest sigma report from the Swiss Re Institute. With China’s economy reopening this year, leading to a recovery in demand, Swiss Re expects this emerging Asia to grow by 5.4% in 2023/24. Inflation remains the main global macroeconomic concern. Swiss Re’s global economic growth forecast is below consensus at 2.3% this year and 2.3% in 2024.
The cumulative effect of more than 18 months of rising interest rates, deteriorating credit conditions and further central balance sheet reductions will continue to dampen growth prospects. Risks to growth remain skewed to the downside. Global economic growth is largely supported by Asian emerging markets, including countries such as India, Thailand, Indonesia and Malaysia, which are set to boom in the coming years.
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