July 21, 2022, 12.17 PM

Also readAsian Markets Swing as US Inflation Spikes See Rate Hike Bets Soar

Adding to the region’s woes was the strengthening US dollar, seen as a safe haven during periods of uncertainty, which the bank said was weighing on regional currencies and stock markets.

“With financial conditions tightening, growth in advanced economies is softening,” the bank said.

“And with activity in the PRC (China) hampered by supply chain disruptions, domestic demand and exports in developing Asia are set to face significant challenges.”

The growth forecast for East Asia, which includes China, was cut to 3.8 percent from 4.7 percent, as Covid-19 lockdowns batter the world’s second-biggest economy.

In South Asia, where bankrupt Sri Lanka is reeling from its worst economic crisis, the bank lowered its growth forecast to 6.5 percent from 7.0 percent previously.

But the bank revised its forecast for the Pacific to 4.7 percent, from 3.9 percent, on a surprising rebound in tourism in Fiji.

Source: Agence France-Presse

Dapatkan update berita pilihan dan breaking news setiap hari dari Kompas.com. Mari bergabung di Grup Telegram "Kompas.com News Update", caranya klik link https://t.me/kompascomupdate, kemudian join. Anda harus install aplikasi Telegram terlebih dulu di ponsel.

Source AFP

Latest Video

Comment wisely and responsibly. Comments are entirely the responsibility of the commentator as regulated in the ITE Law
Thank You! We have received your report. We will remove comments that conflict with the Community Guidelines and the ITE Law.

More Headlines

September 30, 2022, 07.14 PM

Indonesia Approves First Homegrown Covid-19 Vaccine

September 29, 2022, 09.40 PM

Indonesia, Singapore to Intensify Marine Patrols

September 26, 2022, 06.21 PM

Six People Killed in Philippine Typhoon

Close Ads