The Asia-Pacific region will be the world's most dynamic major region in 2023, driven by a positive outlook from China and India, according to the International Monetary Fund's (IMF) latest Economic Outlook for Asia and the Pacific released on May 2. Among them, China's economy is expected to grow by 5.2%. China will provide a huge driving force for the recovery of the Asia-Pacific and global economy.

According to the report, 2023 will be a challenging year for the global economy. While external demand has weakened and monetary policy has tightened, the region's internal demand remains strong, with surging consumption from China driving growth across the region. Growth in the Asia-Pacific region is forecast to rise to 4.6 per cent this year from 3.8 per cent in 2022, up 0.3 percentage points from the October 2022 forecast, meaning the region will contribute about 70 per cent to global growth. China's economic recovery and India's resilient growth have provided the main drivers of Asia's economic dynamism, according to the report.

In addition, the report predicts that other Asian economies will bottom out in 2023, in line with other regions. Specifically, the report predicts that developed economies in the Asia-Pacific region will grow by 1.6 percent in 2023, with Australia, Japan and South Korea growing by 1.6 percent, 1.3 percent and 1.5 percent respectively. Emerging markets and developing economies will grow by 5.3%, with India growing by 5.9%, China by 5.2%, Indonesia by 5% and Malaysia by 4.5%.