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Home > Reports and Documents > Regional economic outlook for Asia and Pacific: steady growth amid diverging prospects > Regional economic outlook for Asia and Pacific: steady growth amid diverging prospects

Regional economic outlook for Asia and Pacific: steady growth amid diverging prospects [1]

Growth in Asia and the Pacific outperformed expectations in late 2023, reaching 5.0 percent for the year. Inflation has continued to decline, albeit at varying speeds: some economies are still seeing sustained price pressures, while others are facing deflationary risks.In 2024, growth is projected to slow modestly to 4.5 percent. Near-term risks are now broadly balanced, as global disinflation and the prospect of monetary easing have increased the likelihood of a soft landing. Spillovers from a deeper property sector correction in China remain an important risk, however, while geoeconomic fragmentation clouds medium-term prospects. Given the diverse inflation landscape, central bank policies need to calibrate policies carefully to 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 and climate change.
[2]

Publication Date: 
29/04/2024
International Monetary Fund [3]
Tags:
Economic Development [4], Economy [5], GDP [6], India [7], Asia [8]
Centre for Science and Environment
National Knowledge Commission Government of India

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Source URL: http://admin.indiaenvironmentportal.org.in/reports-documents/regional-economic-outlook-asia-and-pacific-steady-growth-amid-diverging-prospects

Links:
[1] http://admin.indiaenvironmentportal.org.in/reports-documents/regional-economic-outlook-asia-and-pacific-steady-growth-amid-diverging-prospects
[2] http://www.indiaenvironmentportal.org.in/files/file/asia pacific regional economic outlook 2024.pdf
[3] http://admin.indiaenvironmentportal.org.in/category/publisher/international-monetary-fund
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/economic-development
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/economy
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/gdp
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/india
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/asia