Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says
8 months, 3 weeks ago

Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says

Associated Press  

BANGKOK — Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday. Debt, trade barriers and policy uncertainties are dulling the region’s economic dynamism and governments need to do more to address long-term problems such as weak social safety nets and underinvestment in education, the report says. “This report demonstrates the region is outperforming much of the rest of the world, but it’s underachieving its own potential,” Aaditya Mattoo, the World Bank’s chief economist for East Asia and the Pacific, said in an online briefing. “China is aiming to transition to a more balanced growth path but the quest to ignite alternative demand drivers is proving difficult,” the report says.

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History of this topic

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential
2 months, 1 week ago

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential

Live Mint  

World Bank economist Franziska Ohnsorge urges India to reduce tariffs and ease foreign direct investment restrictions to unlock its full potential. She highlights India's small market share but emphasizes that it can still capitalize on opportunities due to its proximity to global supply chains. The World Bank expects South Asia to remain the fastest growing among emerging market and developing …

Asian Development Bank raises growth forecast for region, but warns of risks from trade sanctions
2 months, 4 weeks ago

Asian Development Bank raises growth forecast for region, but warns of risks from trade sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Asian Development Bank raises growth forecast for region, but warns of risks from trade sanctions
2 months, 4 weeks ago

Asian Development Bank raises growth forecast for region, but warns of risks from trade sanctions

Associated Press  

Developing economies in Asia are forecast to grow at a 5.0% annual pace this year, helped by a strong U.S. economy and surging demand for computer chips that power artificial intelligence, the Asian Development Bank said in a report Wednesday. “The election could result in higher blanket tariffs by the U.S. on all global imports, and a broad-based and steep …

Risky premise: On Asian Development Bank forecast, India’s GDP growth
8 months, 1 week ago

Risky premise: On Asian Development Bank forecast, India’s GDP growth

The Hindu  

The Asian Development Bank on Thursday raised its forecast for India’s GDP growth in the current fiscal year ending on March 31, 2025, to 7%, from 6.7% earlier, citing robust public and private investment as well as expectations of a gradual improvement in consumer demand as the rural economy recovers. The ADB’s latest growth forecast for India’s GDP is, however, …

Global economy will slow for a third straight year in 2024, World Bank predicts
11 months, 2 weeks ago

Global economy will slow for a third straight year in 2024, World Bank predicts

Associated Press  

WASHINGTON — Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. “Near-term growth will remain weak, leaving many developing countries — especially the poorest — stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of …

3 Economic Stories in ASEAN to Watch in 2024
11 months, 3 weeks ago

3 Economic Stories in ASEAN to Watch in 2024

The Diplomat  

2023 was a year of big economic news in Southeast Asia. Because Southeast Asia has some of the largest and fastest growing economies in the world, and much of that growth has historically been powered by fossil fuels, the clean energy spotlight has recently turned toward countries like Indonesia, Vietnam, and Thailand. At this point it is pretty obvious that …

The global economy in 2024: Key clues to watch out for
11 months, 3 weeks ago

The global economy in 2024: Key clues to watch out for

Al Jazeera  

US interest rates, oil prices and the Chinese economy will determine the global economy next year. “And once an economic slowdown gets under way, it risks feeding on itself,” he said, adding that while falling inflation will be an important factor in determining monetary policy, “weakening growth will almost certainly determine when the Fed will pivot.” Federal funds futures are …

World Bank, ADB project China GDP growth of 5.2% in 2023
1 year ago

World Bank, ADB project China GDP growth of 5.2% in 2023

China Daily  

A view of Beijing's CBD area. The World Bank has predicted China's economy will have grown 5.2 percent in 2023, with momentum expected to stabilize in the near term, propelled by a gradual recovery of consumer sentiment and policy stimulus. As global growth is projected to remain tepid at 2.4 percent next year, the world's second-largest economy is expected to …

South Asia is expected to grow by nearly 6% this year, making it the world’s fastest-growing region
1 year, 2 months ago

South Asia is expected to grow by nearly 6% this year, making it the world’s fastest-growing region

Associated Press  

NEW DELHI — South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels, the World Bank said on Tuesday. The latest South Asia Development Update from the World Bank projected growth in the region to slow slightly to 5.6% in 2024 and 2025, as …

China's economy on slow lane: Is the country's 4-decade glory run over?
1 year, 4 months ago

China's economy on slow lane: Is the country's 4-decade glory run over?

India Today  

The Chinese economy is in deep trouble and its ripples are being felt across the globe. Structural gaps in the Chinese economy had started to show even before the Covid-19 pandemic ravaged the world economy, but the miscalculated steps taken by the People's Republic of China made the economic situation worse. In 2021, GDP growth in China bounced back to …

India, China to contribute half of global growth: IMF
1 year, 7 months ago

India, China to contribute half of global growth: IMF

Deccan Chronicle  

New Delhi: Growth in the dynamic Asia-Pacific region is projected to increase to 4.6 per cent this year from that of 3.8 per cent recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its Regional Economic Outlook - Asia and Pacific report released on Tuesday, the …

Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growth: IMF
1 year, 7 months ago

Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growth: IMF

The Hindu  

Growth in the dynamic Asia-Pacific region is projected to increase to 4.6% this year from the 3.8% recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its “Regional Economic Outlook - Asia and Pacific” report released on May 2, the Washington-based fund said the region would …

Asia-Pacific to grow 4.6% in 2023: IMF
1 year, 7 months ago

Asia-Pacific to grow 4.6% in 2023: IMF

Live Mint  

In the dynamic Asia-Pacific region, growth is projected to increase to 4.6% this year from the 3.8% recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. The Washington-based fund, in its Regional Economic Outlook – Asia and Pacific report released on Tuesday, said the region would contribute …

Tracking the impact of U.S.-China tensions on global financial institutions
1 year, 7 months ago

Tracking the impact of U.S.-China tensions on global financial institutions

NPR  

Tracking the impact of U.S.-China tensions on global financial institutions Enlarge this image toggle caption Fred Dufour/AFP via Getty Images Fred Dufour/AFP via Getty Images How have the rising geopolitical tensions between the United States and China impacted the Chinese-led Asian Infrastructure Investment Bank? "Regardless of the bilateral issues, which seems to be troubling these two big countries, AIIB has …

India, China to account for half of global economic growth in 2023: IMF chief
1 year, 8 months ago

India, China to account for half of global economic growth in 2023: IMF chief

Deccan Chronicle  

Washington: The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023. International Monetary Fund managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and …

India, China to account for half of global economic growth in 2023: IMF chief
1 year, 8 months ago

India, China to account for half of global economic growth in 2023: IMF chief

India TV News  

Warning about an economic slowdown, the IMF chief said that the world economy is expected to grow at less than 3 percent this financial year while India and China expected to account for half of global growth in 2023. International Monetary Fund managing director Kristalina Georgieva further warned of a similar economic situation this year just like last year wherein …

IMF head expects less than 3% global economic growth in 2023
1 year, 8 months ago

IMF head expects less than 3% global economic growth in 2023

Associated Press  

WASHINGTON — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%, calling it “our lowest …

China projected to lead the growth of Asia in 2023
1 year, 8 months ago

China projected to lead the growth of Asia in 2023

China Daily  

China will likely become the only major economy in the world with growth accelerating in 2023, and its economic recovery is brightening the outlook for the whole region, economists of the Asian Development Bank said on Tuesday in Beijing. ADB's Asian Development Outlook April 2023, which was released on the same day, predicted that the economic growth in China will …

Asian economic recoveries losing steam, says World Bank
1 year, 8 months ago

Asian economic recoveries losing steam, says World Bank

Hindustan Times  

Developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday. “Once pent-up demand from post-lockdown fades, we think that Asian economies will settle at lower GDP growth and higher inflation than our pre-pandemic forecasts,” Sung Eun Jung of Oxford Economics …

Analysis | World trade boom keeps de-globalisation at bay
1 year, 9 months ago

Analysis | World trade boom keeps de-globalisation at bay

The Hindu  

Globalisation may have peaked, but the resilience of world trade in the face of mounting headwinds means a reversal of the past three decades is not inevitable. Global trade last year reached, or got close to, record levels in nominal terms and, perhaps surprisingly with inflation at its highest in 40 years, in volume terms too. Alessandro Nicita, an economist …

Trading more within Asia makes economic sense
1 year, 10 months ago

Trading more within Asia makes economic sense

The Hindu  

South Asia should now have a re-look at regional trade across Asia after the warning by the International Monetary Fund on January 31, 2023, that global trade would slow down from 5.4% in 2022 to 2.4% in 2023. A recently published paper in an IMF book, “South Asia’s Path to Resilient Growth”, argues that a strong base exists for South …

IMF lifts 2023 global growth forecast; says recession risk lower
1 year, 10 months ago

IMF lifts 2023 global growth forecast; says recession risk lower

The Hindu  

The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. The IMF said global growth would still fall to 2.9% in 2023 from 3.4% in 2022, but its latest World Economic Outlook forecasts …

2023 New Year Resolutions for Asia’s Biggest Economies
1 year, 11 months ago

2023 New Year Resolutions for Asia’s Biggest Economies

The Diplomat  

Asia’s big economies failed to fire during 2022, weighed down by the continuing COVID-19 pandemic and resulting self-imposed restrictions on economic activity, together with rising interest rates and slowing growth globally. In its latest “World Economic Outlook” report, the IMF projected GDP growth for Asia’s second-largest economy of 2.1 percent in 2022 but just 0.9 percent in 2023, below the …

Need pragmatism to tackle the slowdown
1 year, 11 months ago

Need pragmatism to tackle the slowdown

Hindustan Times  

International Monetary Fund managing director Kristalina Georgieva has warned that one-third of the global economy could face a recession this year, which could be a more difficult year than 2022. Ms Georgieva’s comments laid the ground for further slashing of Gross Domestic Product growth rates when the IMF releases updates to its World Economic Outlook later this month. The Indian …

2023 to be tougher for global economy than 2022, IMF chief says
1 year, 11 months ago

2023 to be tougher for global economy than 2022, IMF chief says

Al Jazeera  

IMF Managing Director Kristalina Georgieva says one-third of world’s economies expected to be in recession this year. IMF Managing Director Kristalina Georgieva said 2023 will be a “tough year”, with one-third of the world’s economies expected to be in recession. Because the three big economies, US, EU, China, are all slowing down simultaneously,” Georgieva said during an appearance on the …

‘The worst is yet to come’: IMF issues stark recession warning
2 years, 2 months ago

‘The worst is yet to come’: IMF issues stark recession warning

CNN  

London CNN Business — The International Monetary Fund has once again downgraded its forecast for the global economy with a sharp warning: “The worst is yet to come, and for many people 2023 will feel like a recession.” The agency said Tuesday that it expects global growth to slump to 2.7% next year, with a 25% probability it could fall …

World Bank slashes economic outlook for Asia over China slowdown
2 years, 2 months ago

World Bank slashes economic outlook for Asia over China slowdown

Al Jazeera  

The Washington-based lender expects the region to grow 3.2 percent in 2022, down from a 5 percent forecast in April. The World Bank has slashed its economic outlook for the Asia-Pacific, pointing to China’s ultra-strict “zero-COVID” policy as a drag on regional growth. The bank is the latest financial institution to cut its growth forecast for Asian economies after the …

Pacific rim economies in doldrums, sapped by inflation, war
2 years, 4 months ago

Pacific rim economies in doldrums, sapped by inflation, war

Associated Press  

BANGKOK — Economies in the Asia-Pacific are forecast to hit the doldrums this year as decades-high inflation and the war in Ukraine compound geopolitical uncertainties and the aftereffects of the pandemic. A report on Pacific Rim economies by the Asia Pacific Economic Cooperation forum said Friday that growth in the region will likely fall by more than half this year …

Asia’s economic growth outlook slashed on China, Ukraine fears
2 years, 5 months ago

Asia’s economic growth outlook slashed on China, Ukraine fears

Al Jazeera  

The Asian Development Bank has slashed its economic forecasts for Asia, citing deteriorating conditions due to China’s “zero COVID” lockdowns, rising interest rates in developed economies and the war in Ukraine. Asia’s developing economies, which include China and India, are expected to grow 4.6 percent in 2022 and 5.2 percent in 2023, according to the ABD’s latest economic outlook released …

Asia’s manufacturing slows, adding to global recession fears
2 years, 5 months ago

Asia’s manufacturing slows, adding to global recession fears

Al Jazeera  

Factory activity slows or declines in Japan, South Korea and Taiwan amid supply disruptions and rising costs. Asia’s manufacturing activity stalled in June as many companies were hit by supply disruptions caused by China’s strict COVID-19 lockdowns, while sharp economic slowdown risks in Europe and the United States reinforced fears of a global recession. While a string of surveys on …

Asia facing ‘stagflationary’ risks, IMF official warns
2 years, 7 months ago

Asia facing ‘stagflationary’ risks, IMF official warns

Al Jazeera  

Senior official points to Ukraine war, soaring commodity prices and China’s economic slowdown as risks to the region. Asia faces a “stagflationary” outlook, a senior International Monetary Fund official warned on Tuesday, pointing to the Ukraine war, soaring commodity prices and China’s economic slowdown as risks to the region. While Asia’s trade and financial exposure to Russia and Ukraine are …

ADB Projects India's Economy to Grow by 7.5 pc in FY23; to Pick Up to 8 pc Next Fiscal
2 years, 8 months ago

ADB Projects India's Economy to Grow by 7.5 pc in FY23; to Pick Up to 8 pc Next Fiscal

News 18  

The Asian Development Bank on Wednesday projected a seven per cent collective growth for South Asian economies in 2022 with the subregion’s largest economy India growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year. Releasing its flagship Asian Development Outlook 2022, the Manila-based multilateral funding agency said the growth …

Asia set for strong growth despite Ukraine risks: ADB
2 years, 8 months ago

Asia set for strong growth despite Ukraine risks: ADB

Al Jazeera  

Asia’s developing economies are expected to grow 5.2 percent in 2022 and 5.3 percent in 2023 on the back of a strong recovery in domestic demand and exports, the Asian Development Bank said on Wednesday. The region’s strong economic outlook, however, faces risks, including Russia’s invasion of Ukraine, resurging cases of COVID-19, and interest rate hikes in the United States, …

World Bank projects war shocks to drag on Asian economies
2 years, 8 months ago

World Bank projects war shocks to drag on Asian economies

The Hindu  

Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday. The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for …

It's India's Time, Likely to Become Third-Largest Economy by 2030-32: Mukesh Ambani
2 years, 10 months ago

It's India's Time, Likely to Become Third-Largest Economy by 2030-32: Mukesh Ambani

News 18  

India is likely to become the third-largest economy in the world by 2030-32, Reliance Industries chairman and managing director Mukesh Ambani said on Wednesday. The centre of gravity of the global economy has clearly shifted to Asia.” In 2020, Asia’s GDP overtook the GDP of the rest of the world combined. Asia is leading the march towards a more inclusive …

2022 New Year’s Resolutions for Asia’s Biggest Economies
2 years, 11 months ago

2022 New Year’s Resolutions for Asia’s Biggest Economies

The Diplomat  

Workers of a political party and others cheer in front of a huge kite to welcome 2022 on New Year’s Eve in Ahmedabad, India, Friday, Dec. 31, 2021. Politically, China’s “president for life” faces another test at the CCP’s 20th National Party Congress in the fall, at which Xi is expected to break precedent and gain a third five-year term …

World Bank cuts Asia growth outlook, calls for virus action
3 years, 2 months ago

World Bank cuts Asia growth outlook, calls for virus action

Associated Press  

BEIJING — The World Bank on Tuesday cut its economic growth forecast for developing countries in East Asia due to the impact of the coronavirus’s delta variant and called on governments to help the poor and small businesses avoid long-term damage. It said business activity in Vietnam, Thailand, the Philippines and other economies was improving but now is “showing signs …

Global supply chains are being battered by fresh COVID surges
3 years, 4 months ago

Global supply chains are being battered by fresh COVID surges

LA Times  

Snarls at ports in Asia could affect global supply chains just as shipments would usually ramp up for the Christmas holiday shopping season. The snarls in Asia — where the United Nations estimates around 42% of global exports are sourced — risk affecting global supply chains just as shipments would usually ramp up for the Christmas holiday shopping season. But …

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB
3 years, 7 months ago

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB

News 18  

The Indian economy is projected to grow at 11 per cent in the current financial year amid the “strong” vaccine drive, said ADB on Wednesday, while cautioning that the recent surge in Covid cases may put the country’s economic recovery at “risk”. “India’s economy is expected to grow 11 per cent in fiscal year 2021, which ends on March 31, …

IMF cuts Asia’s growth forecast, warns of pandemic-driven risks
4 years, 2 months ago

IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

Live Mint  

The International Monetary Fund slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region. While the IMF upgraded next year's growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard …

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