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Economy

Asian economies expected to pick up slowly in 2020

JCER survey shows economists see trade tensions and geopolitics as main risk factors

As weak consumer and business confidence continue, India's economy is expected to be sluggish in the near future.    © Reuters

The growth outlooks of Asian economies remain weak for 2020, following a sudden deceleration in 2019 and the continuing U.S.-China trade war. The 2020 growth rate for the five major Association of Southeast Asian Nations countries was projected to inch up to 4.2% from the 2019 projection of 3.9%, but the figure stayed much lower than the levels before 2018. The Indian growth forecast for fiscal 2019/20 was projected at 5.0%, a sharp drop from the 6.8% recorded in the previous fiscal year.

Looking forward to the coming year, economists list U.S.-China tensions, the U.S. presidential election, the Chinese economic slowdown and geopolitical risks as factors affecting the global economy, a survey found.

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