Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed. However, consumption and investment are forecast to boost aggregate regional growth to 4.8% in 2023, as earlier forecast, with the projection for 2024 revised down only marginally to 4.7%.
This brief shows how US Federal Reserve interest rate hikes risk sparking a wave of capital withdrawals from Asia’s emerging markets and outlines how speeding up much needed reforms can help governments cushion vulnerable economies.
Foreign reserves; central banks; currency mismatch; lender of last resort; financial regulation
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Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed. However, consumption and investment are forecast to boost aggregate regional growth to 4.8% in 2023, as earlier forecast, with the projection for 2024 revised down only marginally to 4.7%.