SINGAPORE – International Monetary Fund (IMF) economists said on Tuesday (Jan 31) that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China's economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF's latest global growth forecasts these forces prompted the IMF...
Flags are seen outside the Association of Southeast Asian Nations secretariat building, ahead of the Asean leaders' meeting in Jakarta, on April 23, 2021.SINGAPORE – International Monetary Fund economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China's economic reopening.
IMF's 2023 forecast for ASEAN-5 – Singapore, Malaysia, Vietnam, Indonesia and the Philippines – was cut to 4.3 per cent from 4.5 per cent in the October forecast. The fund's 2024 forecast was also cut by 0.2 percentage point to 4.7 per cent. "It was just six months ago, we were talking about lockdowns and so on. They've just made a very rapid shift," Leigh said, noting how this had quickly translated to visible numbers like bookings with the potential to raise growth in the tightly integrated Southeast Asian region.
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