Economy Watch — IMF Says Global Economic Growth Powered by Asia

Many may think that the United States or Europe, as the location of most of the world’s most developed nations, would be driving global economic growth. Asia, however, is actually the area driving global economic growth this year, according to the International Monetary Fund (IMF).

Although a lagging Chinese economy slowed economies around the world—and Asia in particular—the Asian economies are still powering most of the world’s growth. "Asia is impacted by the still weak global recovery, and by the ongoing and necessary rebalancing in China," Changyong Rhee, Director of the Asia-Pacific Department at the IMF, said in a statement. "But domestic demand has remained remarkably resilient throughout most of the region, supported by rising real incomes, especially in commodity importers, and supportive macroeconomic policies in many countries."

The IMF predicts that the Asia-Pacific region will grow at a fairly impressive 5.3% this year. That growth accounts for almost two-thirds of global growth. Unfortunately, that still represents a slight downturn in overall global economic growth, down from 5.4% in 2015.…

Economy Watch
IMF Says Global Economic Growth Powered by Asia
EW News Desk Team