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Asia-Pacific to remain strong amid slow growth in 2023


Asia-Pacific (APAC) growth will remain strong this year compared with other regions, but will slow after rebounding from the pandemic. Moody’s Investors Service said the economic growth outlook for APAC in 2023 is expected to be robust despite global risks. The rating agency said APAC economies will be confronting a dynamic set of hurdles and support drivers. Inflation will remain above recent averages as commodity prices stay elevated and output gaps close, but the most acute pressures will subside in many economies. Moody’s also said that tighter financial conditions will hurt debt affordability for some, even as easing inflation slows the pace of rate rises. It said most central banks in APAC have not tightened policy as quickly as the US Federal Reserve and European Central Bank because of weaker demand-side inflation.

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