Asia Pacific economic outlook – November 2008 |
The November edition of the Asia Pacific economic outlook includes a note on the Asia Pacific region and gives a near-term economic outlook for Australia, China, India, and Japan.
- Asia Pacific region – The Asia Pacific region is not as decoupled as thought to be. Most countries in the region are beginning to slow down as a result of the financial crisis. Growth rates in 2008 and 2009 are not going to be as good as 2007’s.
- Australia – The Australian economy is likely to slow down because of the drop in fall in the price of commodities and the economic slowdown in China. The central bank has been aggressively cutting interest rates and may hold off on further cuts in the near-term.
- China – China’s economy slowed down during the third-quarter. The government has now mandated that economic growth will be the top-priority. In an effort to boost economic growth, the central bank will likely cut interest rates and reserve requirements of banks.
- India – India’s economic growth is slowing down faster than expected. Inflation, which has been in double digits since June is likely to reduce towards the end of the year. The central bank is likely to cut interest rates as well as reserve requirements of banks.
- Japan – The Japanese economy is likely to enter into a recessionary phase soon. The central bank cut rates but is unlikely to cut further. The government will increase their spending in a bid to rejuvenate the economy.
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Asia Pacific economic outlook - November 2008
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