Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Washington, October 16 (Xinhua) — Facing downside risks from trade tensions, Asian countries can accelerate economic growth by refocusing on domestic demand and deepening regional integration, an International Monetary Fund (IMF) official said on Thursday.
"This is a region that is highly dependent on foreign trade. Therefore, any shocks to global trade will be felt much more acutely in Asia," Krishna Srinivasan, Director of the IMF's Asia-Pacific Department, said at a press conference.
Responding to a question from Xinhua, he noted that there is always a "ray of hope" despite downside risks related to trade uncertainty, debt vulnerability and other factors.
“Asia has an opportunity to shift more toward a growth model driven by domestic demand,” said K. Srinivasan, noting that the contribution of domestic demand to economic growth in the Asia-Pacific region has slowed significantly compared to the pre-pandemic period.
He emphasized the benefits of greater integration in the region. Asia's GDP as a whole could increase by 1.4 percent in the medium term, and some countries that are more open and connected to global supply chains will benefit significantly more.
According to the latest IMF forecast, growth rates in the Asia-Pacific region will slow from 4.5 percent this year to 4.1 percent in 2026.
According to the IMF representative, despite the economic slowdown, the region will remain the largest driver of global growth. Its share will be around 60 percent this year and in 2026, noted K. Srinivasan, adding that this resilience can be attributed to outpacing export growth, the technology boom, and stimulative macroeconomic policies.
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