The Asia Development Bank (ADB) forecasts the GDP growth rate for Myanmar in 2023 at 2.5%, a slight rise on 2% in 2022.

And the ADB forecasts the inflation rate in Myanmar for 2023 at 10.5%, a decline from 16% in 2022.

ADB said that the inflation rate in developing economies in Asia was 4.4% in 2022 and it forecast that this rate would fall to 4.2% this year and further to 3.3% in next year.

ADB forecast that the growth in Asia would be higher than expected this year.

Asian Development Outlook, the latest report issued by ADB, says that the implications of the global banking crisis would have an impact on the prospects of developing economies in Asia.

The growth rate of developing economies in Asia was 4.2% in 2022 so that it will see a higher growth rate in 2023.

The economic recovery in China would be stronger than expected and it could lead to brighter prospects for developing economies of Asia.

ADB previously forecast the growth rate of China at 4.3% and it revised this figure to 5% in this report.

Reopening of the economy in China including border trade with neigbouring countries will facilitate the firmest support to growth in the region.

Apart from China, the rest of Asia will likely see a growth rate of 4.6%, a slight decline on last year's 5.4%.

The South Asia region will see the highest growth rate in Asia with 5.5%. India looks set for a growth rate of 6.4%.

ADB warned that the Asia region would still have challenges such as rising commodity prices though it was experiencing growth in part because of the fallout from the Ukraine war and global banking crisis.