Regional Economic Outlook for Asia and Pacific
Regional Economic Outlook, April 2024
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- Published: April 11, 2024
Overview
- Asia and Pacific Department Director, Krishna Srinivasan will give an overview of the economic outlook, discuss policy challenges, & answer reporters’ questions.
- Full report will be released in Singapore on April 29, 10 PM ET.
- Report timing: April 2024.
Growth and Inflation Findings
- Growth in Asia and the Pacific reached 5.0 percent for the year (late 2023 performance).
- Inflation has continued to decline, with heterogeneous outcomes:
- Some economies are still seeing sustained price pressures.
- Other economies are facing deflationary risks.
Short-term Outlook and Projections
- Growth is projected to slow modestly to 4.5 percent in 2024.
- Near-term risks are described as broadly balanced due to:
- Global disinflation.
- The prospect of monetary easing increasing the likelihood of a soft landing.
Key Risks and Medium-term Concerns
- Spillovers from a deeper property sector correction in China remain an important risk.
- Geoeconomic fragmentation clouds medium-term prospects.
Policy Recommendations
- Central bank policies need to calibrate carefully to domestic inflation landscapes and domestic needs.
- Fiscal consolidation should accelerate to contain debt burdens and debt service cost, in order to preserve budgetary space for addressing structural challenges, including:
- Population aging.
- Climate change.
Source: Regional Economic Outlook for Asia and Pacific (April 2024).
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- Full Report
