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Asia growth slows on commodities, C-19, rising interest rates – IMF

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Business

Economic growth in Asia and the Pacific is poised to slow more than previously estimated this year amid headwinds from the war in Ukraine, a resurgent pandemic, and tightening global financial conditions.

Regional gross domestic product will expand by 4.9%, 0.5% points less than we forecast in January and slower than last year’s 6.5% growth rate, according to our latest projections. “We also estimate that inflation will rise faster in many countries, though from relatively low levels,” the IMF said.

Russia’s invasion of Ukraine will pose the biggest challenge for economic growth, with the region’s advanced economies hurt most by reduced demand from Europe and emerging markets feeling the effects of higher global commodity prices, according to our latest projections.

Slower growth and rising prices, coupled with the challenges of war, infection and tightening financial conditions, will exacerbate the difficult policy trade-off between supporting recovery and containing inflation and debt.

Russia’s invasion of Ukraine will pose the biggest challenge for economic growth, with the region’s advanced economies hurt most by reduced demand from Europe and emerging markets feeling the effects of higher global commodity prices, according to our latest projections.

Economic growth in Asia and the Pacific is poised to slow more than previously estimated this year amid headwinds from the war in Ukraine, a resurgent pandemic, and tightening global financial conditions.

Regional gross domestic product will expand by 4.9%, 0.5% points less than we forecast in January and slower than last year’s 6.5% growth rate, according to our latest projections. We also estimate that inflation will rise faster in many countries, though from relatively low levels.

Slower growth and rising prices, coupled with the challenges of war, infection and tightening financial conditions, will exacerbate the difficult policy trade-off between supporting recovery and containing inflation and debt.

 

Wednesday, May 11, 2022 – 01:00











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