TOKYO: The Asian region faces a"stagflationary" outlook with economic growth being lower than previously expected and inflation being higher, a senior International Monetary Fund official said on Tuesday .
"Monetary tightening will be needed in most countries, with the speed of tightening depending on domestic inflation developments and external pressures," Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department told a news conference., shows the growth forecast for Asia was cut to 4.9 per cent, impacted by the slowdown in China, which is having ripple effects on other closely-linked economies.
Inflation is now expected to rise 3.2 per cent this year, a full point higher than expected in January, she said. "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. But the Russian invasion of Ukraine and Western sanctions on Moscow have driven up food and fuel prices worldwide, while major central banks are raising interest rates to combat inflation, which will pressure countries with high debt loads.
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