Michael Patra, Deputy Governor of the Reserve Bank of India stated yesterday that there is broad consensus that the centre of gravity of the global economic order is moving eastwards to Asia. This growth performance is expected to be underpinned by the resilience of domestic drivers. Overall, Asia will likely contribute about two-thirds of global growth in 2024, a carryover of its blockbuster performance in 2023. Another noteworthy development is that disinflation is expected to remain on track in Asia and convergence with central bank targets is being sighted. Thus, the outlook for Asia in a stormy and unsettled global environment is one of sustained growth with stability.
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