On March 26, at the first press conference of the Boao Forum for Asia (BFA) Annual Conference 2024, Li Baodong, SecretaryGeneral of the forum, introduced that the theme of the conference is "Asia and the World: Common Challenges, Shared Responsibilities." The event will center around five main topics, namely "World Economy," "Technological Innovation," "Social Development," "International Cooperation," and "Jointly meeting Challenges."
Li Baodong speaks at the conference. (Photo: the Boao Forum for Asia)
During the conference, two reports were released: "Asia's Economic Outlook and Integration Process Annual Report 2024" and "Sustainable Development of Asia and the World Annual Report 2024." Data points indicate the momentum and resilience of Asia's economic development.
For instance, in 2023, China's exports of the "new three" products, namely EVs, lithium batteries and solar cells, exceeded 1.06 trillion RMB for the first time, showing significant growth. The service trade in Asia has also shown clear signs of recovery and growth, achieving a surplus for the first time in 2022. In 2023, the growth rate of inbound tourists in the Asia-Pacific region reached 155 percent, ranking first among all regions globally. The report predicts that in 2024, Asia's gross domestic product (GDP) will account for 49 percent of the global total, and the Asian economy will maintain a relatively high growth rate.
The report also indicates that 2024 will still be a year of global economic turbulence and differentiation, but the momentum of Asian economic growth and regional economic integration remains strong, and overall economic performance in 2024 is promising.
In terms of economic growth, with relatively strong consumption and active fiscal policies, Asia's economic growth is expected to exceed that of 2023 and reach around 4.5 percent. Asia will continue to be the region contributing the most to global economic growth.
Looking at the economic growth performance in different regions of Asia in 2024, the economic growth rate in East Asia is expected to remain at 4.3 percent, the same as in 2023; the economic growth rate in South Asia is expected to rise from 5.4 percent in 2023 to 5.8 percent, maintaining its position as the top region in Asia.
The economic growth rate in Central Asia may decrease from 4.5 percent in 2023 to 4.3 percent, and the economic growth rate in West Asia is expected to rise from 2.5 percent in 2023 to 3.5 percent. Calculated by purchasing power parity (PPP), it is estimated that Asia's GDP will account for 49.0 percent of the global total in 2024, an increase of 0.5 percentage points from 2023.
Reporter | Xiao Wenge, Zhao Wei, Clarice
Video | Xiao Wenge, Zhao Wei, He Zhihao, Qin Shaolong
Editor | Nan, Will, James
