In the media | 24 Oct 2022

Priyanka Kishore: Time for Asian central banks to pay heed to growth risks

Aerial view of Singapore business district and city at twilight

“A significantly more hawkish Fed arguably gives Asian central banks more reason to stay on the course of rapid policy tightening. But a closer look at the banks’ actions and policy statements reveals that the motivation for frontloaded rate moves remains primarily domestic. While the central banks acknowledge an increasingly challenging external environment, keeping inflationary expectations anchored is still their main concern.” Priyanka Kishore, Oxford Economics’ Head of India and Southeast Asia Macro Services, wrote in her op-ed to Nikkei.

“This is something that the region’s central banks should not lose sight of. With a recession all but confirmed in the U.S. and Europe, and COVID lockdowns leading to further gross domestic product downgrades for China, the outlook for Asia’s exports and growth is worsening by the day. “”Looking into 2023, the appropriate policy direction will be an extended rate pause to assess the slowed impact of monetary policy transmission.” She concluded.

Check the full article below:

To download our latest report on Asia central banks, please check APAC central banks look to anchor expectations rather than follow Fed – Oxford Economics.

For media enquiries on Asia, please contact:
Sally Li
[email protected]

You may be interested in


Enabling North American Graphite Growth

This report explores the global graphite market, rationales for trade action on Chinese graphite, and the history of Section 301 tariffs on US imports of graphite anode material from China.

Find Out More


The costs and eventual benefits of smooth decarbonisation in ASEAN

Reaching net zero carbon emissions by 2050 would likely have a larger impact on economic activity initially in ASEAN5 countries than more gradual decarbonisation. But our modelling suggests the gap would narrow in later years and turn positive in most places approaching 2050.

Find Out More


Acceleration in digitalisation will keep a service trade deficit in Japan

We project Japan's services trade balance will remain in deficit over the coming years as a trend increase in the import of digital-related services will outweigh a rising travel services surplus that has been driven by inbound tourists.

Find Out More