ADB Forecasts 4.8% Growth for Asia and Pacific in 2023 and 2024
ADB forecasts faster growth for developing economies in Asia and the Pacific this year, as the continued easing of pandemic restrictions boosts consumption, tourism, and investment. The People’s Republic of China’s reopening—as it pivots away from its zero-COVID strategy—is the main factor brightening the region’s growth prospects. Economies in Asia and the Pacific are projected to grow 4.8% this year and next year, improving on the 4.2% growth rate in 2022, according to the Asian Development Outlook April 2023. Read more.
Register Now for the 56th Annual Meeting of the ADB Board of Governors
Registration is open for the 56th Annual Meeting of the ADB Board of Governors from 2 to 5 May in Incheon, Republic of Korea. To be held under the theme Rebounding Asia: Recover, Reconnect, and Reform, the Annual Meeting is expected to attract thousands of participants from the government, private sector, civil society, academe, and media. This will be the first fully in-person Annual Meeting since 2019. Read more.
Four Steps to Increase Investment in Disaster Displacement Solutions
Disaster displacement – when people are forced to move from their homes due to floods, droughts, earthquakes, or other catastrophic events – reached 225.3 million in Asia and the Pacific between 2010-2021. Climate change is set to increase displacement as extreme weather events become more frequent and intense, particularly in developing countries. To help those forced to move by disasters caused by natural hazards, innovative financing and greater cooperation between development and humanitarian sectors are needed. Read blog.
ASEAN and Global Value Chains: Locking in Resilience and Sustainability
Association of Southeast Asian Nations (ASEAN) economies must strengthen their positions in global value chains to bolster resilience against new challenges including future pandemics, geopolitical instability, and climate change, according to an Asian Development Bank report launched on 30 March at the Southeast Asia Development Symposium 2023 in Bali, Indonesia. Lead author and ADB Principal Economist for the Southeast Asia Regional Department James Villafuerte discusses the consequences of a business-as-usual scenario and what steps ASEAN needs to take to propel its global value chains towards net zero. Read article.
Topic: Water
Despite achievements in Asia and the Pacific, 1.5 billion people in rural areas and 600 million more in urban areas still lack adequate water supply and sanitation. Sound water management and access to reliable service delivery remain vital to inclusive economic growth and social well-being.
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By the Numbers: Climate Finance in 2022
In 2022, ADB committed $7,110 million to climate finance. Of this total, $4,279 million (60.2%) is expected to contribute to climate change mitigation and $2,831 million (39.8%) to climate change adaptation, which is the highest adaptation finance committed since reporting began in 2011. ADB provided $6,723 million from its own resources and mobilized $387 million from external resources. See?databases for climate finance.
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