OPINION | Sailing into headwinds: Regional Economic Outlook for Asia and the Philippines By Ragnar Gudmundsson READ:
November 6, 2022 | 4:49 pmASIA’s strong economic rebound early this year is losing momentum, with a weaker-than-expected second quarter. In the latest Regional Economic Outlook for Asia and the Pacic to 4% this year and 4.3% next year, well below the 5.5% average over the last two decades. For the Philippines, we project growth to reach a robust 6.5% in 2022 before slowing to 5% in 2023.
• China’s strict zero-COVID policy and the related lockdowns, which, coupled with a deepening turmoil in the real estate sector, has led to an uncharacteristic and sharp slowdown in growth, that in turn is weakening momentum in connected economies. Amid lower growth, policymakers face complex challenges that will require strong responses. As in the Philippines, central banks will need to persevere with their policy tightening until inflation durably falls back to target. Exchange rates should be allowed to adjust to reflect fundamentals, including the terms of trade — a measure of prices for a country’s exports relative to its imports — and foreign monetary policy decisions.
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