International Monetary Fund economists said 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
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.
Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the IMF to reduce Singapore’s GDP growth outlook for 2023 to 1.XAU/USD sellers afterward..United States and Europe, an easing of energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions.
5% from a 2.3% forecast issued last October.On Monday, China’s Center for Disease Control and Prevention (CDC) said, reported by Reuters, “China’s current wave of COVID-19 infections is nearing an end, and there was no significant rebound in cases during the Lunar New Year holiday.IMF’s 2023 forecast for ASEAN-5 – Singapore, Malaysia, Vietnam, Indonesia and the Philippines – was cut to 4.But its mixed results in this South Pacific nation calls into question its approach to expanding its power.3% from 4.That said, China’s NBS Manufacturing PMI rose to 50.5% in the October forecast.That said, the WTI crude oil prints a three-day downtrend near $78
The fund’s 2024 forecast was also cut by 0.7 market forecasts and 47.F.2 percentage point to 4.7%.4 figure compared to 51.Daniel Leigh, division chief of the research department at the IMF, told Reuters that ASEAN’s rapid growth in 2022 of 5.The I.2% was a one-off, while noting the surprising speed that China had reopened this year.6 previous readings.Moving on, traders in the Asia-Pacific region will pay close attention to India’s Union Budget for the Fiscal Year 2023-24 and New Zealand quarterly employment data for immediate directions.
“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.The global lender also stated that estimates come with the backdrop of a slight increase in the 2023 global growth helped by “surprisingly resilient” demand in the United States and Europe, an easing of energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions.also said that the energy crisis in Europe had been less severe than initially feared and that the weakening of the U.Still, he noted that geopolitical fragmentation was a negative for the outlook for everyone, even though economies like Vietnam benefited from supply chains relocating out of China.Vietnam’s economy grew 8% in 2022, though the IMF expects growth to slow to 5.That said, the US 10-year Treasury yields struggle to extend a three-day uptrend near 3.8% this year as authorities address inflation.The I.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.