Regional Economic Outlook

May 1, 2023

Despite weakening external demand and monetary tightening, domestic demand has so far remained strong, with China’s reopening providing fresh impetus. IMF Asia and the Pacific remains a dynamic region despite the somber backdrop of what looks to be shaping up as a challenging year for the world economy. Global growth is poised to decelerate as rising interest rates and Russia’s war in Ukraine weigh on activity. Inflation remains stubbornly high, and banking strains in the United States and Europe have injected greater uncertainty into an already complex economic landscape. Asia’s domestic demand has so far remained strong despite monetary tightening, while external appetite for technology products and other exports is weakening. We project the region will contribute around 70 percent of global growth this year as its expansion accelerates to 4.6 percent from 3.8 percent in last year. China’s reopening will provide fresh momentum. Normally the strongest effect would be from demand for investment goods in China, but this time the biggest effect is from demand for consumption. Other emerging economies in the region are on track to enjoy solid growth, though in some cases at slightly lower rates than seen last year.
Read the Report


This web page presents information about the work of the IMF in Hong Kong, including the activities of the IMF Resident Representative Office. Additional information can be found on the Hong Kong and IMF  country page, including IMF reports and Executive Board documents that deal with Hong Kong.

Back to Top

At a Glance : Hong Kong's Relations with the IMF

  • Current IMF membership: 190 countries
  • As a Special Administrative Region of the People’s Republic of China, Hong Kong SAR is not a member of the Fund
  • Annual consultation discussions have been held with the Hong Kong SAR authorities since October 1990
  • The last Article IV Executive Board Consultation was on January 24, 2019 (Country Report 19/20)

Back to Top

News and Highlights

More

Back to Top

Hong Kong and the IMF

More