“Southeast Asia and India will benefit from trade diversification away from mainland China,” S&P said.
New Delhi:
Asia-Pacific region, which produces 35 per cent of the world GDP, is expected to dominate global economic growth in 2023, supported by regional free-trade agreements, efficient supply chains, and competitive costs, said S&P Global Market Intelligence.
“Southeast Asia and India will benefit from trade diversification away from mainland China,” it said in a note on Wednesday.
Meanwhile, it also expects that the energy- and mineral-producing regions of the Middle East and Africa too will achieve moderate growth.
About the US, it said the ongoing tightening financial conditions due to monetary policy tightening will tip the US economy into a “mild recession” starting in the fourth quarter of 2022 and extending through the second quarter of 2023.
This month, it revised down US real GDP growth in 2023 from 0.9 to (-) 0.5 per…
