Economic Buzz: IMF says Asia-Pacific region remains resilient, would remain engine of global economy

International Monetary Fund or IMF has stated in a latest blog post that the Asia-Pacific region remains resilient despite the energy shock and the tariffs and trade restrictions that disrupted supply chains last year. The resilience is notable for a region that has a high intensity of energy use and large dependence on imported fuel supplies, especially from the Middle East. IMF noted that it has upgraded regional growth projection for this year to 4.8 percent, from 4.4 percent six months ago, while raising the forecast for next year to 4.4 percent, from 4.2 percent. The largest upgrades are for India, Korea, and parts of Southeast Asia that are benefiting from strong demand along the tech supply chain. Although Asia?s overall growth rate is likely to slow from 5 percent last year, the region would remain the engine of the global economy, providing two-thirds of global growth.

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