TEXTILES GLOABAL GROWTH IMF REPORT NATIONAL
By IFAB MEDIA - NEWS BUREAU - May 3, 2023 | 24 2 minutes read
The International Monetary Fund (IMF) has projected that the Asia-Pacific (APAC) region will experience growth of 4.6% in 2023, up from 3.8% in 2022, according to its 'Regional Economic Outlook—Asia and Pacific' report. It predicts that India and China will lead the growth in the region and contribute around half of global growth this year, with the rest of APAC contributing an additional fifth. The report also notes that the dynamism in the region will be driven primarily by the recovery in China and resilient growth in India. While the reopening of China's economy is providing a fresh impetus, policymakers in the region must remain vigilant and ensure that monetary policy remains tight until inflation falls within the target. The report also highlights that the global economy is expected to face challenges this year due to monetary policy tightening, Russia's war in Ukraine, persistent inflationary pressures, and recent financial sector problems in the United States and Europe.
In conclusion, the IMF's projections for the Asia-Pacific region in 2023 are positive, with India and China expected to lead the growth and contribute significantly to global growth. While challenges persist, the report's findings suggest that the region is well poised to weather the storm and emerge as a key driver of the global economy. As policymakers in the region navigate the road ahead, tight monetary policy and a focus on inflation control will be critical to sustaining the region's growth trajectory.