In the southern Chinese province of Hainan, one of Asia’s most important conferences on regional development, the Boao Forum for Asia, has begun.
The Boao Forum for Asia, a four-day event that will last until March 29, has kicked off with the theme «Common challenges, shared responsibilities» . On the agenda are debates on global security, the world economy, scientific and technological innovation and the impact of artificial intelligence.
On March 26, the Boao Forum published its annual report on Asia’s economic prospects. It forecasts Asia’s economic growth to reach 4.5% this year. Growth is largely supported by strong consumption. However, the report also warns of weak foreign demand, rising tensions in the Middle East, especially the Red Sea crisis, which is taking its toll on Asia’s economic growth. The report forecasts that global trade and investment will see a modest improvement, but will remain below pre-pandemic levels, due to weak economic growth, geopolitical tensions and tight credit.