The International Monetary Fund (IMF) recently released a regional economic outlook report in Singapore, predicting that the Asia-Pacific region's economic growth will slow from 5% in 2023 to 4.5% in 2024, contributing approximately 60% to global economic growth.

The report points out that the economic growth drivers of the Asia-Pacific region are diversified. Domestic consumption in most ASEAN countries is dynamic, public investment in China and India is substantial, and tourism in Pacific island countries is growing rapidly.

Inflation has declined in the Asia-Pacific region but at different speeds across economies. The inflation rate in some economies is still higher than the target set by the central bank, and the inflation rate in some economies has reached or is close to the central bank target. Central banks in the region should continue to pay close attention to domestic price stability and avoid over-reliance on expectations of Fed interest rate changes in formulating policies.