Out of the eight Asian countries in a Bloomberg index of local emerging-market debt, two haven’t started to raise rates yet, while the remaining delivered no more than 90 basis points in hikes since their tightening cycles started. The sole outlier is South Korea, which has raised rates by 135 basis points.
India is expected to grow 8.7% this year, according to a Bloomberg survey, and the central bank delivered its first hike of the cycle just three months ago. Economists see Indonesia’s gross domestic product at 5.2% in 2022. Policy makers there have reiterated their commitment to holding interest rates at a record low of 3.5%.
expected. The IMF has said it plans to continue technical discussions with the central bank and finance ministry.
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