International Monetary Fund Managing Director Kristalina Georgieva flagged rising inflationary pressures and China’s economic slowdown as risks to Asia’s economic outlook, calling on policymakers to rebuild their buffers against future shocks. | Reuters
But she warned the outlook was “exceptionally” uncertain and dominated by risks, such as the fallout from Russia’s war in Ukraine, global financial tightening and a slowdown in China’s growth.
“We don’t know how long this shock will last and whether other shocks may come. But we need to rebuild and preserve buffers and be prepared to fully use our policy tool-kit,” she told the same forum. The fallout from China’s slowdown has been particularly painful in Asia, where factory activity slumped across the region in November.
At the forum, Bank of Japan Governor Haruhiko Kuroda said he did not see a significant risk of Asia facing a sudden loss of confidence or a renewed financial crisis.But he warned against complacency as some Asian countries saw their policy buffers decrease, after deploying big spending packages to counter the COVID-19 pandemic.
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