IMF expects Asia's economy to grow 4.6% this year

May 2 (Reuters) - The International Monetary Fund (IMF) raised Asia's economic forecast on Tuesday as China's recovery underpinned growth, but warned of risks from persistent inflation and global market volatility driven by Western banking sector woes.

The IMF said in its regional economic outlook report. “Asia and Pacific will be the most dynamic of the worlds major regions in 2023, predominantly driven by the buoyant outlook for China and India”.

Asias economy is expected to expand 4.6% this year after a 3.8% increase in 2022, contributing around 70% of global growth, the IMF said, upgrading its forecast by 0.3 of a percentage point from October. The IMF also suggested central banks in Asia – excluding Japan and China – to keep monetary policy tight to bring down inflation, which could remain stubbornly high due in part to robust domestic demand.

According to ANI On 11 April, 2023 In its flagship World Economic Outlook report, the International Monetary Fund released its report and said Indian Economy will be growing by 5.9 percent in this current fiscal year and making it the worlds fastest-growing economy. Though organization also warned disruption in the financial could have an adverse effect on overall global growth.

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