THE International Monetary Fund (IMF) has raised its forecast for Asia's growth to 4.5 percent from 4.2 percent, with the region also expected to contribute two-thirds to global economic expansion. "Global growth has proven surprisingly resilient and inflation continues to decline steadily. For the Philippines, IMF Regional Office for Asia and the Pacific Director Akihiko Yoshida reiterated that growth likely bottomed out last year and rebound to 6.0 percent in 2024. These include high inflation that could lead to further monetary tightening, a slowdown in global economic growth, increased geoeconomic fragmentation, a broadening array of global risks and more restrictive global financial conditions. Srinivasan said that average inflation in Asia fell from 3.8 percent in 2022 to 2.6 percent last year, particularly improving in emerging economies.
