UN's 'global stocktake' on climate is offering a sober emissions reckoning − but there are also signs of progress
The government just killed 50 infrastructure projects – what matters is whether it will fund them on merit from now on
U.K.’s flash PMI indices indicate decline in business activity in November, composite index falls to 47.4
Almost 2 million Workforce Australia payments have been suspended in the past year, with devastating impact
Asia-Pacific economic picture darkens in recent months, likely to witness sharper slowdown in 2019: S&P Global Ratings
The global growth drivers that produced the regional upturn have started to fade. And with that, the economic picture has darkened in recent months with expectations building for a sharper slowdown in 2019, according to a report by S&P Global Ratings titled, "Asia-Pacific Crystal Ball--Mild Economic Slowdown Should Extend Through 2019".
Further, the report does not expect global growth drivers to pick up in 2019 and so growth should keep slowing. Asia-Pacific growth is expected to edge down to 5.3 percent in 2019 from 5.4 percent in 2018, a 0.2 percentage point downward revision from the previous forecast at the end of Q3.
Based on S&P’s estimates, India's growth should remain steady at about 7.6 percent next fiscal year whereas previously we had expected a moderate pick-up. They have also trimmed forecasts by 0.1-0.2 percentage point for Australia, Japan, and across ASEAN.
"We have lowered our forecasts for almost every country in Asia-Pacific, underscoring the global nature of the slowdown. For China, we now expect 6.2% in 2019 (previously 6.3%), which assumes that the government will soften or reduce this year's 6.5% growth target," the report added.
"We believe the direct impact of trade tensions on growth in China isn't a big concern. However, U.S. policies impacting China's technology supply chains could disrupt activity and undermine confidence over a longer horizon," said Shaun Roache, S&P Global Ratings' Asia-Pacific Chief Economist.
Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human