Asia’s economic outlook ‘relatively strong’ despite subdued global growth: OECD chief

Asia’s economic outlook ‘relatively strong’ despite subdued global growth: OECD chief

SINGAPORE: Asia’s economic outlook for the year is expected to be “relatively strong”, as the region benefits from China’s reopening, despite a muted global growth forecast and amid troubles brewing in the banking sector, OECD chief Mathias Cormann said on Thursday (Mar 16).

“Our outlook for Asia is relatively strong growth and strong recovery, subject to a level of downside risks,” said the secretary-general of the Organisation for Economic Cooperation and Development’s (OECD).

“The Chinese economy reopening will lead to stronger growth in China, which will have a positive effect across Asia as a whole.”

He spoke to CNA’s Asia Tonight on the sidelines of the Financial Sector Conference in Riyadh, Saudi Arabia.

While the global economic outlook remains more subdued compared to before Russia’s invasion of Ukraine, Mr Cormann said growth is expected to continue.

“The world continues to pay a heavy price for (the war), in terms of the economic and social impacts,” he said.

“But having said that, we do expect that the global economy will continue to grow. Our outlook today is slightly brighter.”