Jul 29, 2022 03:19 PM

IMF Downgrades Asia Pacific Forecast as Shocks Keep Rolling

Photo: VCG
Photo: VCG

(Bloomberg) — The International Monetary Fund has lowered its growth forecast for the Asia Pacific region this year to 4.2% — 0.7 percentage point lower than it expected in April, and well below the region’s 6.5% growth in 2021.

The fund also cut its 2023 forecast for the area to 4.5%, down by 0.6 percentage point.

Much of the downgrade reflects the ongoing spillover from shocks including Russia’s invasion of Ukraine, China’s economic slowdown and rising global interest rates.

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