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IMF warns of 'stagflation' risk in Asia

  • By Al Mayadeen Net
  • Source: Agencies
  • 26 Apr 2022 08:46
2 Min Read

The International Monetary Fund warns of possible stagflation in Asian economies.

  • x
  • Acting Director of the IMF's Asia and Pacific Department, Anne-Marie Gulde-Wolf
    Acting Director of the IMF's Asia and Pacific Department, Anne-Marie Gulde-Wolf

As a result of the war in Ukraine, a rise in commodity costs, and a slowdown in the Asian economy, Asia faces a risk of "stagflation" according to the International Monetary Fund (IMF).

The Acting Director of the IMF's Asia and Pacific Department, Anne-Marie Gulde-Wolf said that Asia will be affected by higher commodity prices and slower growth in its European trading partners as a result of developments between Russia ad Ukraine.

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Moreover, inflation in Asia is also starting to increase as China's economic slowdown adds to pressure on growth in the region.

"Therefore, the region faces a stagflationary outlook, with growth being lower than previously expected, and inflation being higher," Gulde-Wolf told an online news conference in Washington.

The IMF's latest forecast shows Asia's economy will expand 4.9% this year, down from the 5.4% of the previous projection made in January, while inflation in the continent is expected to reach 3.4% in 2022, 1% higher than forecast.

Gulde-Wolf explained that an escalation in Ukraine, new Covid-19 waves, additional US Federal Reserve interest rate hikes, and lockdowns in China are all factors that risk the outlook to Asia's growth.

  • Stagflation
  • inflation
  • Economic inflation
  • IMF
  • International Monetary Fund

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