Although growth in Asia Pacific is set to continue on domestic demand, the International Monetary Fund said a slower-than-expected growth in China and stronger dollar pose risks to the outlook.
Growth in the Asia and Pacific region is forecast to remain at 5.6% this year before easing slightly to 5.5% in 2016, the IMF said in the Regional Economic Outlook: Asia and Pacific.
Domestic demand is likely to drive growth, supported by the windfall boost to real incomes from lower global oil prices and strong labor market conditions. Net exports will also add marginally to growth. Asia is set to benefit from the recent fall in global oil prices. It will temporarily push down inflation and current account balances will increase. Click here to read more.