Asia and Pacific Regional Economic Outlook Update, October 2012
Asia and Pacific, October 12, 2012
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- Published: October 12, 2012
- Series: Asia and Pacific
Regional growth and near-term outlook
- Growth in the Asia-Pacific region has slowed.
- For Asia as a whole, GDP growth fell to its lowest rate since the 2008 global financial crisis during the first half of 2012.
- Going forward, growth is projected to pick up very gradually.
- Asia should remain the global growth leader, expanding over 2 percentage points faster than the world average next year.
- Considerable downside risks remain, in particular with regard to the euro area crisis.
Drivers of the slowdown
- External headwinds played a major role, as the recovery in advanced economies suffered setbacks.
- Weaker momentum in China and India also weighed on regional economies.
Inflation, monetary policy, and financial conditions
- Inflationary pressures eased.
- Macroeconomic policy stances remained generally supportive of domestic demand and in some cases were eased further in response to the slowdown.
- Financial conditions remain accommodative, and capital inflows have resumed.
Policy priorities and recommendations
- Support noninflationary growth.
- Maintain financial stability.
- Remain responsive to weaker-than-expected outcomes.
- Refocus structural and fiscal reform efforts toward sustained and more inclusive growth.
Asia and Pacific Regional Economic Outlook Update, October 2012
Content in this bundle
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- Asia and Pacific Regional Economic Outlook––October 2012 Update