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Date: 06/11/2024

Risks to Asia’s economy from trade tensions: IMF

Risks to Asia’s economy have increased from escalating trade tensions, China’s property sector woes and the potential for further market turbulence, said the International Monetary Fund (IMF) in its regional economic outlook report for Asia. In its latest forecast, the IMF expects Asia’s economy to expand 4.6% in 2024 and 4.4% in 2025 with looser monetary policy across the globe seen boosting private demand next year. The projections for 2024 and 2025 were both revised up by 0.1 percentage point from the IMF’s forecasts made in April. Risks were tilted to the downside as past monetary tightening steps and geopolitical tensions could hurt global demand, increase trade costs and jolt markets, the IMF said. An acute risk is the escalation in tit-for-tat retaliatory tariffs between major trading partners, which would aggravate trade fragmentation and hurt growth in the region, it said, as per a report.
 
Source: Exim News Service: Washington, Nov. 5



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