India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019, says the International Monetary Fund (IMF).
Singapore’s growth rate is expected to be 2.9 per cent in 2018 and 2.7 per cent in 2019.
The IMF's Asia and Pacific Regional Economic Outlook report issued on May 9 says:
Asia will grow by 5.6 per cent in 2018 and 2019.
- China’s growth is expected to moderate to 6.6 per cent in 2018 as financial, housing, and fiscal tightening measures take effect.
- Growth in Asean is projected to stay at 5.3 per cent both this year and next, reflecting strong investment and consumption across several countries.
- Growth in Japan has been above potential for eight consecutive quarters and is expected to remain strong at 1.2 per cent this year
- In India, growth is forecast to rebound to 7.4 per cent in the financial year 2018-19 as the economy recovers from disruptions related to demonetisation and the rollout of the new goods and services tax.
- In most of the rest of the region, including small states and Pacific island countries, growth is also expected to be strong.
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