Tuesday, June 28, 2022
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Frontier markets fret

2022 has been another challenging year for Asian frontier markets against the backdrop of a recovery from the protracted coronavirus pandemic. The challenges have been magnified by the impact of the Ukraine-Russia conflict, and high commodity prices that are exacerbating inflationary pressures, even as global demand for manufactured goods remains weak.

Inflation in particular is having an increasing impact on the growth outlook worldwide, according to the latest edition of the Global Economic Outlook report issued this month by Fitch Ratings.

The global provider of credit ratings has lowered its forecast for world gross domestic product (GDP) growth for 2022 by 0.6 percentage points since its March report to 2.9%.

The biggest revision is in China, where wide-scale Covid lockdowns are now expected to cause growth to drop to 3.7% this year, from 4.8% estimated in March and well below the government’s original target of…

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