The International Monetary Fund raised its forecast for Asia-Pacific, saying the region’s growth will be primarily driven by China’s recovery and “resilient” growth in India. The organization predicts Asia-Pacific’s gross domestic product to expand 4.6% this year, which is 0.3 percentage points higher than its forecast in October, according to its May regional economic outlook released Tuesday. The region expanded 3.8% in 2022. Despite the overall optimism for the region — mostly due to rosier outlooks for emerging markets — the IMF downgraded its predictions for Japan, Australia, New Zealand, Singapore, and South Korea.

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