Asian Pacific city growth forecasts cut as macroeconomic problems bite
Asian cities are facing several challenges to economic growth, including the slowdown of the Chinese economy, supply chain problems, and commodity price inflation. We have reduced our average GDP growth forecast from our March release for the 33 leading Asian cities to 2.9% in 2022. But post-Covid-19 recovery momentum and the return of tourism will lessen the pain for many cities.
What you will learn:
- Some Chinese cities have been subject to very strict lockdowns this year.
- In some cities such as Auckland and Hong Kong a large downward revision in 2022 is offset by a stronger forecast for 2023, but in other instances such as Singapore, Tokyo, and Seoul that is not the case.
- On inflation, cities that import large shares of their energy or food are likely to be under particular pressure, and also those where transport accounts for a large share of consumer spending.
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