IMF raises growth forecast for Asia-Pacific

2024-05-01 13:22:11China Daily Editor : Li Yan ECNS App Download

The International Monetary Fund has raised its growth forecast for the Asia-Pacific this year to 4.5 percent, largely based on improved outlooks for China and India.

"The Asia-Pacific region is marked by both resilient growth and rapid disinflation," said IMF Asia and Pacific Department Director Krishna Srinivasan at a news conference launching the latest Regional Economic Outlook report in Singapore on Tuesday.

The region's projected growth is 0.3 percentage points higher than the IMF's previous forecast last October but will slow from 5 percent in 2023, Srinivasan said, noting the region remains inherently dynamic and accounts for about 60 percent of global growth.

The growth forecast for 2025 remains unchanged at 4.3 percent.

The revision reflects upgrades for China, based on support from policy stimulus, and India, where public investment is boosting advances as the world's fastest-growing major economy, according to Srinivasan.

The IMF said risks to the near-term outlook are now broadly balanced because global disinflation and the prospect of monetary easing have increased the likelihood of a soft landing.

While stronger-than-expected growth in Europe and the United States presents upside risk for Asia's exporters, increased geoeconomic fragmentation and geopolitical tensions continue to pose serious downside risks to medium-term growth in the Asia-Pacific.

Disinflation in the Asia-Pacific has been uneven. Advanced economies such as New Zealand, Australia, and South Korea saw inflation above target due to persistent services inflation but consumer prices have fallen in countries like Thailand.

IMF Asia and Pacific Department Deputy Director Thomas Helbling said China's attempts to promote innovation through new quality productive forces have helped improve growth prospects.

"Clearly, digitalization, the green transition and the green economy offer opportunities for new innovations that also benefit the rest of the world," said Helbling.


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