The IMF pointed out in its latest "Regional Economic Outlook" released in May that the Asia-Pacific region will contribute nearly 70% of global growth this year, which is much higher than in recent years. The most important change is China's reopening. A surge in consumption from China is driving growth, accounting for an estimated 34.9 percent of global growth, despite weak demand elsewhere.
India's economy is also showing resilience, contributing an estimated 15.4 percent.
The combined growth rate of China and India has accounted for half of the global economic growth.
At the same time, the IMF predicts that China's economy will grow by 5.2% this year, a sharp increase of 0.8 percentage points from last October's forecast.
Krishna Srinivasan, director of the IMF's Asia and Pacific Department, said that China's inflation is very low and there is fiscal space to maintain monetary and fiscal policy support to accelerate economic recovery.
