Asia faces 'stagflationary' outlook, IMF warns, citing Ukraine conflict, spike in commodity costs and slowdown in China as creating significant uncertainty
Region faces"stagflationary" risk, a senior IMF official warns, citing Ukraine conflict, spike in commodity costs and a slowdown in China as creating significant uncertainty.
"The region faces a stagflationary outlook, with growth being lower than previously expected, and inflation being higher," said Anne-Marie Gulde-Wolf on Monday, acting director of the IMF's Asia and Pacific Department. "Despite the downgrade, Asia remains the world's most dynamic region, and an important source of global growth," Gulde-Wolf said in remarks prepared for delivery to a press briefing.
Outlooks vary within the region, depending on countries' reliance on imported energy and links to China, with growth in Pacific island nations slowing sharply, while Australia saw a slight upgrade, she said.
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