Regional Economic Outlook Asia And Pacific April 2024

Download or read book Regional Economic Outlook, Asia and Pacific, April 2024 written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2024-04-29 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.