Asia’s economic growth expected despite China slowdown, higher geopolitical risk

The region is expected to account for 60% of the global economy in 2024, EIU reported. 

Asia’s economy is expected to expand despite a slowdown in China and the higher geopolitical risks, the Economist Intelligence Unit (EIU) reported.

In its Asia Outlook 2024, EIU projected the region to account for 60% of the global GDP growth in 2024, which is higher than the pre-pandemic average. 

“This will match the estimated contribution in 2023 and is higher than the pre-pandemic level,” the report read. 

“This reflects diminished contributions from the North American and European economies, where growth will be sedate in 2024, and the small scale of emerging markets in Latin America, as well as the Middle East and Africa.”

China is estimated to contribute two percentage points of regional growth, a contribution that reflects a dip from historical average, EIU noted. 

Meanwhile, India is projected to make a 0.6 percentage point or a 15% contribution–the second-highest for a single market. Southeast Asia, led by Indonesia, is expected to offer a “slightly less support.”