Economic Buzz: Asias Strong Economic Rebound Rarly This Year Losing Momentum Says IMF

14 Oct 2022 , 12:23 PM

Asias strong economic rebound early this year is losing momentum, with a weaker-than-expected second quarter, the IMF noted in a latest blog post. The fund has cut growth forecasts for Asia and the Pacific to 4 percent this year and 4.3 percent next year, which are well below the 5.5 percent average over the last two decades. Despite this, Asia remains a relative bright spot in an increasingly dimming global economy. A sharp tightening of financial conditions, which is raising government borrowing costs and is likely to become even more constricting, as central banks in major advanced economies continue to raise interest rates to tame the fastest inflation in decades. Rapidly depreciating currencies could further complicate policy challenges.Powered by Commodity Insights