(VOVWORLD) - Economic growth in the Asia Pacific (APAC) region is bound to lose steam next year amid a challenging global backdrop, said Moody’s Analytics senior economist Stefan Angrick in a virtual briefing on the APAC economic outlook for 2023.
He said that the region’s economic growth in 2023 is likely to be weaker than 2022. And that has to do with the slowing global economy, the rapid pace of rate hikes and inflation, he added. Angrick said he expects Asia Pacific to avoid a recession, with the exception of New Zealand.
He pointed out that the economic growth prospects of countries including South Korea, Australia and New Zealand will be weighed by rising interest rates.