Asia's GDP expected to grow 4.5 pct in 2023: report

The weighted real GDP growth rate of Asia in 2023 is estimated to be 4.5 percent, an increase from 4.2 percent in 2022, according to a report released by the Boao Forum for Asia Tuesday.

As a major engine of the world economy, Asian economies are accelerating the pace in overall economic recovery in 2023, making it a standout performer in view of the global economic slowdown, said the report titled "Asian Economic Outlook and Integration Progress."

According to the report, China and India would contribute half of the world's growth this year, citing data from the International Monetary Fund.

Despite a deteriorating global labor market in 2023, the employment situation in Asia, particularly in East Asia, may turn out better than expected, according to the report.