MANILA (Reuters) -&nbsp;Developing&nbsp;Asia&nbsp;is on&nbsp;track&nbsp;to&nbsp;grow&nbsp;faster&nbsp;in&nbsp;2023&nbsp;from a year earlier as strong consumption and investment offset the impact of weak global demand, the&nbsp;Asian Development Bank (ADB) said on Wednesday.
In an update to its regional economic outlook, the&nbsp;ADB&nbsp;kept its&nbsp;2023&nbsp;growth forecast for&nbsp;developing&nbsp;Asia&nbsp;at 4.8%, but revised a tad lower its estimate for next year to 4.7% from 4.8% in April, reflecting risks, including from Russia's war on Ukraine.
Developing&nbsp;Asia&nbsp;consists of 46 economies in the&nbsp;Asia-Pacific and excludes Japan, Australia and New Zealand.
The&nbsp;ADB&nbsp;maintained its&nbsp;growth projections for subregions East&nbsp;Asia&nbsp;and South&nbsp;Asia, with China and India still expected to expand 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but trimmed slightly its outlook for Southeast&nbsp;Asia.
Growth in Southeast&nbsp;Asia&nbsp;is now expected at 4.6% this year and 4.9% next year, down from 4.7% and 5.0% previously, the&nbsp;ADB&nbsp;said, due mainly to weaker global demand for exports.
An upside risk to the&nbsp;growth outlook of&nbsp;developing&nbsp;Asia&nbsp;is slower inflation, which has allowed most central banks in the region to hold off tightening, helping underpin domestic consumption.
The region's inflation is forecast to slow to 3.6% this year from its previous forecast of 4.2%, with the rate expected to decelerate further to 3.4% in 2024.
GDP&nbsp;GROWTH 2021 2022&nbsp;2023&nbsp;2023&nbsp;2023&nbsp;2024 2024
DEC APR JULY APR JULY
Caucasus and 5.8 5.1 4.2 4.4 4.3 4.6 4.4
Central&nbsp;Asia
&nbsp;
East&nbsp;Asia&nbsp;7.9 2.8 4.0 4.6 4.6 4.2 4.2
China 8.4 3.0 4.3 5.0 5.0 4.5 4.5
&nbsp;
South&nbsp;Asia&nbsp;8.4 6.4 6.3 5.5 5.5 6.1 6.1
India 9.1 6.8 7.2 6.4 6.4 6.7 6.7
&nbsp;
Southeast&nbsp;Asia&nbsp;3.5 5.6 4.7 4.7 4.6 5.0 4.9
Indonesia 3.7 5.3 4.8 4.8 4.8 5.0 5.0
Malaysia 3.1 8.7 4.3 4.7 4.7 4.9 4.9
Myanmar -5.9 2.0 n/a 2.8 n/a 3.2 n/a
Philippines 5.7 7.6 6.0 6.0 6.0 6.2 6.2
Singapore 8.9 3.6 2.3 2.0 1.5 3.0 3.0
Thailand 1.5 2.6 4.0 3.3 3.5 3.7 3.7
Vietnam 2.6 8.0 6.3 6.5 5.8 6.8 6.2
&nbsp;
The Pacific -1.4 5.2 4.8 3.3 3.3 2.8 2.8
&nbsp;
Developing&nbsp;Asia&nbsp;7.2 4.2 4.6 4.8 4.8 4.8 4.7
&nbsp;
INFLATION
DEC APR JULY APR JULY
Central&nbsp;Asia&nbsp;9.0 12.9 8.5 10.3 10.6 7.5 7.8
&nbsp;
East&nbsp;Asia&nbsp;1.1 2.3 2.4 2.3 1.3 2.0 2.1
China 0.9 2.0 2.3 2.2 1.0 2.0 2.0
&nbsp;
South&nbsp;Asia&nbsp;5.8 8.2 7.9 8.1 8.1 5.8 6.4
India 5.5 6.7 5.8 5.0 4.9 4.5 4.5
&nbsp;
Southeast&nbsp;Asia&nbsp;2.0 5.0 4.5 4.4 4.3 3.3 3.2
Indonesia 1.6 4.2 5.0 4.2 3.8 3.0 3.0
Malaysia 2.5 3.4 3.0 3.1 3.1 2.8 2.8
Myanmar 3.6 16.0 n/a 10.5 n/a 8.2 n/a
Philippines 3.9 5.8 4.3 6.2 6.2 4.0 4.0
Singapore 2.3 6.1 5.5 5.0 5.0 2.0 2.0
Thailand 1.2 6.1 2.7 2.9 2.9 2.3 2.3
Vietnam 1.8 3.2 4.5 4.5 4.0 4.2 4.0
The Pacific 3.1 5.7 5.0 5.0 5.0 4.4 4.4
Developing&nbsp;Asia&nbsp;2.6 4.4 4.2 4.2 3.6 3.3 3.4
&nbsp;
(Reporting by Karen Lema; Editing by Martin Petty)

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Developing Asia on track to grow faster in 2023 - ADB