The Asia-Pacific region remains resilient despite the energy shock, tariffs and trade restrictions that disrupted supply chains last year. This is notable for a region that has a high intensity of energy use, large dependence on imported fuel supplies, a relatively greater share of which comes from West Asia.
IMF has upgraded its regional growth projection for this year to 4.8%, from 4.4% 6 mths ago, while also raising the forecast for next year. In India, stronger-than-expected domestic demand and services activity are driving upward revision. Although Asia's overall growth rate is likely to slow from 5% last year, the region will remain the engine of global economy, providing 2/3rd of global growth.
