IMF Lifts Asia Pacific Growth Outlook
May 09 2017 - 02:30AM
RTTF2
The International Monetary Fund lifted its growth projection for
the Asia Pacific region but cautioned that near-term outlook is
clouded with significant uncertainty.
Growth was forecast to accelerate to 5.5 percent in 2017 from
5.3 percent in 2016, the lender said in its Regional Economic
Outlook, published on Tuesday. The outlook for 2017 was revised up
from 5.4 percent.
In 2018, growth was forecast to be 5.4 percent, unchanged from
the projection published in October.
However, the near-term outlook was clouded with significant
uncertainty, and risks, on balance, remain slanted to the downside,
the Washington-based lender said.
Over the medium term, slower growth in China was expected to be
partially offset by an acceleration of growth in India, underpinned
by key structural reforms.
Growth in China and Japan was revised upward for 2017 compared
to the October 2016 World Economic Outlook, owing mainly to
continued policy support and strong recent data.
The lender projected China to expand 6.6 percent this year and
6.2 percent in 2018. Japan's growth was expected to be 1.2 percent
in 2017 and 0.6 percent next year.
On the other hand, growth was revised downward in India due to
temporary effects from the currency exchange initiative. India's
growth was forecast to rise to 7.2 percent this year and 7.7
percent next year.
The IMF said the region needs structural reforms to address its
demographic challenges and to boost productivity.
Further, the IMF said adapting to demographic transition in Asia
could be especially challenging owing to rapid aging at relatively
low per capita income levels. Some countries in Asia are getting
old before becoming rich, the lender noted.
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