IMF: Asia Will Remain the Global Growth Leader

Growth in Asia-Pacific will continue to outperform the rest of the world thanks to robust domestic consumption spurred by healthy labor markets, low interest rates and the recent fall in oil prices, according to the International Monetary Fund (IMF).

The region’s gross domestic product (GDP) growth will hold steady at 5.6 percent in 2015, before moderating a touch to 5.5 percent in 2016, the IMF said in its biannual Regional Economic Outlook for Asia and the Pacific published on Thursday.

The global recovery, albeit moderate and uneven, will continue to support demand for Asia’s exports, it said.  “These factors are expected to offset the effect of tighter financial conditions from capital flow reversals triggered in part by the prospect of monetary tightening by the Federal Reserve,” the IMF said.