Asia’s growth prospects are looking up. According to the IMF, the region is forecast to grow 4.5% this year, 0.3 percentage points more than the projection six months earlier. But this forecast is still below the 5% economic growth reported in 2023.
But look more closely at the region's growth, and you'll find that it lacks the underlying productivity gains that economists deem as the foundation for long-term improvements in living standards, skill levels, and employment.
