![]() ![]() Growth in Asia’s largest economy is on track but with clouds looming. The US and euro area are expected to gradually normalize monetary conditions to preempt inflation. However, recovery in the euro area and Japan stalled somewhat in the early part of the year, prompting slight downward revisions to their 2018 growth projections. Growth in the US remains robust, supported by strong private spending, fiscal expansion, and job creation. The aggregate growth forecast for the major industrial economies of the United States, the euro area, and Japan are retained at 2.3% in 2018 and 2.0% in 2019. ![]() Growth in the industrial economies has held up. Escalating trade tensions and tighter global liquidity are causes for concern in the coming year. The growth forecast for 2019 is trimmed by 0.1 percentage points to 5.8% regionwide and to 6.3% excluding the newly industrialized economies. Robust domestic demand supported the region’s large economies, and oil prices above expectations boosted prospects for many oil and gas exporters. This Update maintains the 2018 forecasts from Asian Development Outlook 2018 (ADO 2018) of growth at 6.0% for developing Asia as a whole and at 6.5% excluding the high-income newly industrialized economies. Growth in the region has so far prevailed over external challenges.
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