Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
IMF boosts Asia's economic projection on China's economic comeback
Posted on May 8, 2023 |
The International Monetary Fund (IMF) increased Asia's economic forecast because China's comeback prompted growth.
However, risks from ongoing inflation and an unstable global market caused by the Western banking sector woes still loom.
The Asian economy is expected to grow by 4.6% in 2023, contributing 70% of global growth, upgrading its forecast by 0.3% from October.
India and China will be important drivers with an increase of 5.2% and 5.9%, respectively, though development in the rest of Asia is expected to decrease in 2023.
The IMF also advised central banks in Asia except Japan and China, to tighten monetary policy to mitigate inflation.