New Delhi: According to the Asian Development Outlook 2024 report by the Asian Development Bank, the growth rate of developing Asia in 2024 is expected to remain positive, despite uncertain external conditions.
This is because the end of interest rate hikes in most economies, as well as a steady recovery in global commodity prices, are supporting the region’s positive outlook, it said.
India is predicted to emerge as a major economic engine in Asia, driven by investment-driven growth, it added.
The Asian Development Outlook 2024 report suggests that policymakers in the region should monitor a number of risks. These include escalating conflicts and geopolitical tensions, which could disrupt supply chains and amplify commodity price volatility. Other concerns include uncertainty about the future of the US monetary policy, property market stress in the PRC, and the effects of adverse weather.vTo address these risks, policymakers are urged to enhance trade, cross-border investment, and commodity supply networks.
The Asian Development Outlook 2024 report also highlights the importance of addressing the digital divide in the region. It notes that while the region has made significant progress in terms of internet access and mobile phone ownership, there is still a significant gap in terms of access to high-speed broadband and other digital services. This gap is particularly pronounced in rural areas and among low-income households.
To address this issue, the report recommends that policymakers invest in infrastructure and digital literacy programs. It also suggests that governments should work with the private sector to develop affordable and accessible digital services. By doing so, policymakers can help to ensure that everyone in the region has the opportunity to benefit from the digital economy.