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Economy

Concerns deepen over trade war impact on ASEAN, survey says

JCER report predicts weaker currencies and higher interest rates

A port in China
A port in China's Lianyungang, Jiangsu Province, China. Concerns are rising over a full-out trade war.    © Reuters

Asian economists maintained their forecasts of steady growth for their economies in 2018 and beyond despite recent changes in the business environment, including increased U.S.-China trade tensions and market jitters in some emerging economies.

However, they have changed their predictions on exchange and interest rates, toward weaker currency in countries such as Indonesia, the Philippines and India and higher interest rates throughout the region. Moreover, economists' concerns have sharply increased over rising trade protectionism and the possible impact of faster-than-expected U.S. rate hikes, a survey found.

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