MANILA - Developing Asia's growth this year is expected to be slightly stronger than previously forecast, the Asian Development Bank said on Thursday.

The ADB nudged up its 2024 growth forecast for Developing Asia to 4.9 percent from 4.8 percent projected in December, but warned of persistent challenges such as rising geopolitical tensions that could disrupt supply chains and reignite inflation.

The ADB forecast regional inflation would slow to 3.2 percent in 2024 from 3.3 percent in 2023, and ease further to 3.0 percent in 2025

The Manila-based lender's 2024 growth forecast was slightly weaker than the region's 5.0 percent growth in 2023. Growth for 2025 was also forecast at 4.9 percent.

"Growth in developing Asia will remain robust this year, in spite of uncertainty in the external environment," ADB Chief Economist Albert Park said in the Asian Development Outlook report.

"The end of interest-rate hiking cycles in most economies as well as continued recovery in goods exports from an upturn in the semiconductor cycle will support growth," Park said.

The ADB forecast regional inflation would slow to 3.2 percent in 2024 from 3.3 percent in 2023, and ease further to 3.0 percent in 2025.