Economic prospects in Asia and the Pacific: Celebrate resilience, prepare for headwinds

BANGKOK — Economic performance in Asia and the Pacific has proved to be quite resilient to the shocks of the past few years: the coronavirus pandemic, the ongoing wars in Ukraine and the Gaza Strip, and the cost-of-living crisis. In 2023, the region's economy drove over 60 percent of the global economic growth.

Positive economic conditions in the region are evident since the start of 2024. Economic growth picked up in major economies amid strong private consumption driven by steady employment and moderating inflation.