Asia’s large emerging market economies will drive global growth in 2023, led largely by a gradual economic rebound in mainland China due to the easing of Covid-19 restrictions, said S&P Global Market Intelligence.

“The fast-growing consumer markets of mainland China, India, and Southeast Asia will provide an important growth engine for the world economy,” said the global financial market information and analytics services provider in a report.

Real GDP growth in China is forecast to rebound from 3.0 per cent in 2022 to 5.2 per cent in 2023 as domestic demand strengthens through the course of 2023.