The Asian Development Bank predicts that China will continue to be the primary engine of global economic growth.

The Asian Development Bank asserts that China, despite its slowdown, will continue to be the primary catalyst for global economic growth.

During a press conference for the bank’s Asian Development Outlook report, ADB’s chief economist Albert Park emphasized China’s enduring significance in the Asia Pacific region, where it still contributes nearly half of the GDP.

Park stated, “Although growth is moderating, and we are expecting it to continue moderating in the coming years… it’s likely to contribute the most growth of any economy in the world to global growth.”

ADB forecasts China’s GDP to grow by 4.8% in 2024, slightly lower than the government’s target of “around 5%.” Despite this deceleration, China’s economy expanded by 5.2% in 2023, meeting the official target. ADB data projects that even with this slower growth, China will contribute 46% of growth in developing Asia between 2024 and 2025.

Currently, based on purchasing power parities exchange rates, China accounts for 18% of global GDP and 48% of Asian GDP, as measured by metrics used by the ADB, World Bank, and International Monetary Fund.