Regional Economic Outlook

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Recovery Unabated amid Uncertainty

May 2023

Overview

Despite weakening external demand and monetary tightening, domestic demand has so far remained strong, with China’s reopening providing fresh impetus.

Asia and Pacific Region

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.

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Projections Table

Videos

Press Briefing: Julie Kozack, Director, Communications Department (March 27, 2025)
IMF's Communications Department Director Julie Kozack discusses the latest developments related to key economic issues, and answer questions on Argentina, Sri Lanka, Pakistan, Lebanon, Egypt, Kenya, the Caribbean region, Nigeria, and more.
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      Press Briefing: Julie Kozack, Director, Communications Department (March 27, 2025)
      • March 27, 2025

      • 00:51:10

      What are Bonds?
      Our latest Back to Basics video explains what are bonds and why they play a crucial role in the financial world.
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        What are Bonds?
        • March 19, 2025

        • 00:03:17

        Panel Discussion: The Fund and Asia Going Forward
        This panel discussion was part of the conference on Asia and the IMF: Resilience through Cooperation, that was held in Tokyo, Japan, Wednesday, March 5, 2025.
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          Panel Discussion: The Fund and Asia Going Forward
          • March 5, 2025

          • 01:30:48

          Asia and the IMF: Resilience through Cooperation - Opening Session
          The Managing Director Kristalina Georgieva, together with Japan Finance Minister Katsunobu Kato and Bank of Japan Governor Kazuo Ueda, delivered a speech to open the conference on Asia and the IMF: Resilience through Cooperation.
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            Asia and the IMF: Resilience through Cooperation - Opening Session
            • March 4, 2025

            • 00:33:36

            Press Conference on the Conclusion of the 2025 Japan Article IV Consultation Mission
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                Press Conference on the Conclusion of the 2025 Japan Article IV Consultation Mission
                • February 7, 2025

                • 00:22:23

                World Economic Outlook Update, January 2025: Three Essential Questions
                We project global economic growth at 3.3% this year and next. Learn how policymakers can address challenges and boost growth in the latest World Economic Outlook Update.
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                  World Economic Outlook Update, January 2025: Three Essential Questions
                  • January 17, 2025

                  • 00:02:30

                  25th Jacques Polak Annual Research Conference: Policy Panel: Reassessing Policy Tools for Current and Future Challenges
                  Join us for an engaging policy panel discussion at the 25th Annual Research Conference on reassessing policy tools for current and future challenges.
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                      25th Jacques Polak Annual Research Conference: Policy Panel: Reassessing Policy Tools for Current and Future Challenges
                      • November 14, 2024

                      • 01:29:42

                      Falling Private Debt: 2024 Vintage of the IMF Global Debt Database
                      Marking the release of the IMF’s 2024 Global Debt Database Vintage and the Global Debt Monitor, this discussion focuses on the drivers and prospects for global debt, especially the divergence between private and public sector debt and challenges.
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                          Falling Private Debt: 2024 Vintage of the IMF Global Debt Database
                          • December 3, 2024

                          • 01:01:13

                          Fiscal Affairs Department's 60th Anniversary Conference: "60 Years of FAD: The Fiscal Affair Continues" Part 2
                          Afternoon Sessions: The Fiscal Affairs Department (FAD) of the IMF will celebrate 60 years since it was formed in 1964 with a one-day conference, “60 Years of FAD: The Fiscal Affair Continues,“ on November 4, 2024, in Washington D.C., USA.
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                              Fiscal Affairs Department's 60th Anniversary Conference: "60 Years of FAD: The Fiscal Affair Continues" Part 2
                              • 03:09:27

                              Navigating the Evolving Geoeconomic Landscape in the Caucasus and Central Asia
                              Economic growth in the Caucasus and Central Asia continues to be robust and widespread. However, the region faces exposure to geoeconomic developments, resulting in increased uncertainty as trade, financial flows, and migration patterns show shifts
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                                  Navigating the Evolving Geoeconomic Landscape in the Caucasus and Central Asia
                                  • November 21, 2024

                                  • 01:02:59