In its latest economic assessment for the Asia-Pacific region, S&P Global offers dire growth prospects. The global rating agency has cut Australia’s GDP forecast for 2022while also revising the RBA’s monetary policy expectations.
Featured Comments
“Growth is slowing in the region as demand for exports softens in line with an expected slowdown among the world’s major economies.”
“Nevertheless, post-COVID domestic demand recovery largely intactso global growth has softened only modestly.
“This happens especially in Australia, India, Japan, Indonesia and the Philippines, where growth is more driven by domestic demand“.
“Inflation has risen across the region, driven largely by rising energy and commodity prices, but not as much as in the US and Europe.”
“S&P has cut its 2022 Australian growth forecast to 3.6% (from 4% previous), the projection for 2023 is 2.8% (2.7% previous forecast).”
“Inflation is expected to average 5% in Australia this yeargo back to 3% in 2023 and 2.5% in 2024″.
“Further increases in the OCR are expected to 1.75% this year, 2.5% in 2023, 2.75% in 2024 and a cut to 2.5% in 2025.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
