China's rapid recovery brightens regional, global economic outlook: ADB

STORY: China's rapid recovery brightens regional, global economic outlook: ADB DATELINE: April 4, 2023 LENGTH: 00:03:46 LOCATION: Manila CATEGORY: ECONOMY SHOTLIST: 1. various of ADB headquarters 2. various of street views of Manila STORYLINE: China's rapid recovery has brightened the regional and global economic outlook, according to a new Asian Development Bank (ADB) report released on Tuesday. The Asian Development Outlook (ADO) 2023, the ADB's flagship annual economic publication, expected China's gross domestic product (GDP) to rebound to 5 percent this year and to 4.5 percent in 2024. The report also forecasts that developing Asia's GDP will grow by 4.8 percent this year and next year, saying the growth of this region remains resilient. "China's reopening has lifted the region's outlook," said the report, adding that it will support growth in regional exporters of commodities, manufactured intermediates and final goods; it could lead to a stronger pick-up in growth, boosting external dema