Asia's economy projected to grow 4.5% in 2025: Boao Forum for Asia

India, Indonesia, Vietnam, the Philippines, Mongolia, Cambodia and China will maintain a relatively high growth rate of over 5 per cent.

China has continued to report a record high in both goods and services trade, the report noted.

Global reliance of foreign investment on Asian economies picked up despite some fluctuations, reaching around 60 per cent in recent years.

China and the Association of Southeast Asian nations (ASEAN) are still the most attractive Asian economies for foreign investment, the report by the non-governmental and non-profit international organisation said.

Asia far exceeded other regions in research and development (R&D) investment intensity and patent filings, emerging as a global leader in technological innovation. The continent now stands at the forefront of a new industrial revolution, the report noted.

Asia has achieved a greater success in deepening regional economic integration amid strong headwinds for economic globalisation, it said.

Steady progress has been made by the region’s economics in new-generation trade agreements such as the Regional Comprehensive Economic Partnership, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement.

The continent has become a key pillar of global value chains because of China’s continued dominance, ASEAN’s remarkably elevated position in global value chains and India’s rising integration into Asia’s regional value chains, the report added.

ALCHEMPro News Desk (DS)