BANGKOK — China’s recovery from the pandemic and strong demand in India will drive strong economic growth in Asia this year, the Asian Development Bank said in a report issued Tuesday.
The Manila, Philippines-based ADB’s latest update forecasts an expansion of 4.8% in this year and the next, up from 4.2% in 2022. It said inflation would likely cool slightly this year and fall further in 2024.
ADB economists said a weekend decision by oil producing nations to cut output, pushing oil prices sharply higher, might reignite inflationary pressures and add to challenges for the region.
The report’s analysis was based on the assumption that Brent crude oil, the pricing basis for international trading, would average $88 a barrel this year and $90 a barrel next year.
Oil prices remain below that level, with Brent at $83 on Monday. But they soared about 5% after Saudi Arabia and other…
