The gross domestic product (GDP) growth in the Asian region may outperform its global peers this year buoyed by the reopening of China, HSBC Asia Pacific Chief Investment Officer Fan Cheuk Wan said on Tuesday.

Wan said the GDP growth in Asia and Japan could accelerate to 4.3 percent while major economies outside the region are expected to see a substantial slowdown due to hawkish central bank tightening.

"In 2023, we believe Asia will outperform its global peers, mainly driven by the faster than expected full reopening of the Chinese economy and with the latest policy pivot taken by Beijing to end the zero-COVID policy. This is going to drive the growth of the Chinese economy this year and this is going to benefit the overall Asian economy," Wan said.

"So we expect Asia will be the only region that is projected to deliver growth acceleration in 2023," she added.

The recent economic data in Asia, which reflect easing inflation in some countries, will allow the central banks to focus on growth stabilization, Wan said.

Meanwhile, in the US, she said the US Federal Reserve is expected to raise interest rate by another 50-basis points before pausing for the rest of the year.

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