Even if China's economy slows down, the Asian Development Bank (ADB) said it will still be the largest growth engine for the world economy. 

ADB Says China Remains the World's No. 1 Growth Driver

CNBC reported that in a press briefing for the bank's Asian Development Outlook report, ADB's chief economist Albert Park said that "China is obviously going to still be important for some time to come," and "they still account for nearly half of GDP" in the Asia Pacific. 

"Although growth is moderating, and we are expecting it to continue moderating in the coming years... it's likely to contribute the most growth of any economy in the world to global growth," Park added.

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ADB Forecasts a 4.8% Growth in China's GDP

ADB predicted that China's GDP will increase by 4.8% this year, which is less than the government's goal of around 5%. The country's declared goal for economic growth in 2023 was close to 5%, while its actual growth rate was 5.2%.

According to ADB estimates, China is expected to provide 46% of developing Asia's growth from 2024 to 2025, even though growth will be slower.

CNBC reported that based on purchasing power parities exchange rates, a benchmark used by the ADB, International Monetary Fund, and World Bank, China now accounts for 18% and 48% of global and Asian GDP, respectively. 

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