Travel and tourism are major industries in Asia and this year, they are expected to add $7.3 trillion to global GDP, according to the International Monetary Fund.
The economy is expected to grow 3.1% this year on a forecasted annual growth rate of 5.1%.
However, the global economy is currently contracting at its weakest since the Great Depression, as many countries struggle to regain competitiveness following the Brexit vote and political turmoil in the US.
The UN Office for Budget and Policy Development (OBP) said this year’s figures would have been higher, but it added that growth in the second quarter of 2017 would have seen the number of people traveling to the region rise by 0.3% from the same quarter last year.
Despite the slowdown in travel and tourism, the number in 2017 has risen to the highest since records began in 1949, according the OBP.
But the economic outlook is not all rosy for many Asian countries.
China’s GDP was down by 7.7% in 2017.
South Korea’s was down 5.2% and Japan’s was up 0.8%.
China’s economy has grown by just 1.7%, according to a Reuters report, and the US has not seen a rise in GDP since the second half of 2017.
China, the world’s second largest economy, was one of the countries that suffered the most from the financial crisis and the global recession that followed it.
China’s GDP grew by 5.7%.
But after the global economic crisis, its growth slowed to 1.9% in 2016 and 1.5% in 2015, and it has since rebounded to 3.4% in the last three years.
China and South Korea have been among the world leaders in terms of the number and types of tourists and businesses that they have attracted.
China has overtaken the US in terms the number visiting each year and has also overtaken Japan in terms both number of business establishments and number of foreign direct investment (FDI) in the region.
China also enjoys the highest level of bilateral trade with the region, as the two countries together have more than $2 trillion worth of trade.
China opened the China-Taiwan Economic Corridor (CTEC) in January 2018, which will bring 1,200km of roads and rail link between the two economies.
However, despite the progress China has made on boosting trade, the economic growth has been uneven.
In the first six months of 2017, GDP growth fell by 1.3%, and it is expected this year to fall by 0% to 1%.
The growth in 2016 was 0.6%, and in 2015 it was 0%.
Overall, the Chinese economy is predicted to grow 1.2%, down from the 2.4%, 2.9%, 3.3%-4% growth in 2017 and the 3.6% growth recorded in 2014.
China still has a huge debt burden, which is one of its biggest risks.
The IMF has forecast that China’s debt will rise to 3% of GDP by 2035, up from 2.6%.
The International Monetary Foundation said that China is likely to reach debt levels as high as 4% of the GDP by 2030.
The IMF expects the debt to peak at around 2% of gross domestic product by 2030, which would mean China is on track to have a total debt of $15.7 trillion by the end of the decade.
However there is little sign that China will be able to pay back its debts fast enough, as it is still struggling to get its economy moving again after the Great Recession of 2008.
China is expected in 2017 to reach $5.4 trillion in outstanding debt, according a Reuters analysis.
China now has around $3.7tn of debt outstanding, up slightly from $3tn in 2017 but still a long way from the $5 trillion that was the target of the US Federal Reserve in 2016.
According to the OECD, China’s total debt outstanding has grown from $541.8bn in 2017, when China announced it would have $5tn in total debt, to $637.6bn in 2020, which was the peak of the Great East Asian Financial Crisis.
By the end for 2020, China had a debt burden of $8.3tn, up 1.4%.
The IMF said that the Chinese government had set a target of $2tn in outstanding private debt by 2025, but that the target has been reached only by 2019, which means China has not met its 2020 target of having $5tr.
It is estimated that China has around 200m private sector workers, most of whom are in service sectors such as construction and manufacturing, and that the average working age is 57 years old.
However the IMF said there are also many more Chinese people working in the service sector than the OECD expects, due to the low level of education, low skills, and lack of skills.
China currently has the highest number of workers in the construction sector with more than 11.2