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IMF warns of risks to Asia's economy amid trade tensions, China's woes
The Straits Times
|November 02, 2024
Lender urges Beijing to take steps towards more demand-driven economic recovery
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TOKYO - Risks to Asia's economy have increased from escalating trade tensions, China's property sector woes and the potential for further market turbulence, the International Monetary Fund (IMF) said on Nov 1.
Persistent downward price pressures from China can "provoke trade tensions" by hurting sectors in neighboring countries with similar export structures, the IMF said, urging Beijing to take steps to achieve a more demand-driven recovery for its economy.
"A longer and larger-than-expected slowdown in China would be harmful for both the region and the global economy," the IMF said in its regional economic outlook report for Asia.
"China's policy response is critical in this context," it said, calling on the need for steps to facilitate property sector adjustment and strengthen private consumption.
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