Asia and Pacific Regional Economic Outlook Update, October 2014

Asia and Pacific, October 10, 2014

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Asia and Pacific Regional Economic Outlook Update, October 2014

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Bibliographic details

• Published: October 10, 2014
• Series: Asia and Pacific

Short-term growth outlook

• GDP is forecast to grow by 5.5 percent for the third consecutive year in 2014.
• GDP is forecast to rise slightly to 5.6 percent in 2015.
• Despite a weaker-than-expected first half of the year, the outlook for the Asia and Pacific region remains solid.
• The ongoing global recovery, described as tepid, should support Asia’s exports.
• Favorable financial and labor market conditions, and broadly accommodative policies, will continue to underpin domestic demand.

Downside risks and channels

• Financial dislocations associated with higher global interest rates.
• Protracted weak growth in advanced and emerging market economies.
• A sharper-than-anticipated downturn in China’s real estate sector.
• Less-effective-than-envisaged Abenomics in Japan.
• Geopolitical tensions that could disrupt trade and financial flows, with adverse effects on growth.

Policy guidance and recommendations

• Policymakers in the region should capitalize on the outlook to gradually rebuild policy space.
• Push ahead with structural reforms to deliver sustainable growth.
• Fiscal consolidation should generally continue in a calibrated manner, especially where debt levels are higher.
• Monetary normalization should proceed particularly where inflation pressures are high or building up.
• Note: "While there is no one-size-fits-all approach"—policy prescriptions should be tailored to individual country circumstances.

Asia and Pacific Regional Economic Outlook Update, October 2014

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References

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• Transcript of the Asia and Pacific Department Press Briefing: Regional Economic Outlook Update
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