(Yicai) March 26 -- Asia's gross domestic product is expected to increase by 4.5 percent this year, with the continent remaining a key growth engine for the world economy despite rising global economic uncertainties, according to an annual economic outlook from the Boao Forum for Asia.

China, the largest Asian economy, will likely see its GDP expand 5 percent this year, making it a key contributor to Asia's economic growth, according to the Asian Economic Outlook and Integration Progress report released yesterday. If China is excluded, the region's GDP will climb just 4.2 percent in 2025.

The BFA's forecast is 0.1 percentage point higher than Asia's annual GDP growth of 4.4 percent last year.

The GDP of East Asia is expected to rise 4.3 percent this year, that of South Asia 5.9 percent, and of Central Asia 5 percent, the report said. West Asia's GDP will likely expand 2.9 percent, a notable increase from 2.1 percent last year.

At purchasing power parity, the share of Asia's GDP among the global total will likely increase to 48.6 percent from 48.1 percent this year from the prior one, with the continent's overall employment and income situation continuously improving, according to the report.

Asia's trade and investment will come under strain this year, affected by the low growth rate of the world economy, potential escalation of trade frictions, spillover effects associated with macroeconomic policy adjustments in advanced economies, and ongoing geopolitical tensions, the report noted. However, the digital and services trade will stand out as bright spots, with digitally delivered services emerging as a key driver of growth and travel-related services bouncing back.

The Regional Comprehensive Economic Partnership, signed by 10 members of the Association of Southeast Asian Nations and China, Japan, South Korea, Australia, and New Zealand in 2020 and took effect in 2022, is another key driver of Asia's economic growth.

Trade within the RECP rose around 3 percent last year from the year before, with trade among most members seeing year-on-year growth, the report said. From developing economies, Laos, Myanmar, Cambodia, and Indonesia saw the fastest growth rates, with their intra-regional trade surging 72 percent, 40 percent, 26 percent, and 19 percent, respectively, compared to the levels before RCEP came into effect.

To better use the RECP, China should expand its autonomous and unilateral opening-up, accelerate the full coverage of "zero tariffs" on consumer goods imported from ASEAN, promote the integration of supply chains, and expand the openness of service trade and investment, according to the report.

The Boao Forum for Asia is held in China's southern Hainan province from yesterday through March 28.

Editors: Dou Shicong, Martin Kadiev