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Economy

Asia growth forecasts drop another notch as trade war effects set in

JCER survey of economists shows persisting concern over US-China standoff

Much of the rest of Asia is also wary of China's economic slowdown.   © Reuters

Economic outlooks in Asia have once again been lowered due to the U.S.-China trade war, which has manifested itself in weakened exports throughout the region. The 2019 growth forecast for the ASEAN5 was 4.6%, marking a third consecutive downward revision since the September 2018 survey. The Indian economy is expected to maintain growth of over 7%, but projections were revised downward for the fiscal year through next March as well as the following 12 months.

The softening of U.S. monetary policy may encourage new momentum for growth, but U.S.-China tensions and the slowdown of the Chinese economy persist as major concerns. In addition, political uncertainty is seen as a risk, especially in India, Indonesia and Thailand, a survey has found.

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