The International Monetary Fund (IMF) has boosted its economic outlook for Asia with the support of China's recovery but at the same time warned of the repercussions of high inflation and global market volatility amid crises in the banking sector in the West.
According to the IMF, the reopening of China's economy will be a pillar of the region, with Asia expected to affect consumption and demand in the services sector, not investment. Asia Pacific is the most dynamic among the world's major regions in 2023, supported mainly by the optimistic outlook of China and India. Domestic demand is expected to remain the biggest driver of growth across Asia in 2023, the IMF said in its report.
Source (UAE's Emirati Newspaper, Edited)
