Moody's revised down its GDP growth forecasts through 2020 for 16 Asia-Pacific economies citing weak trade and investment growth.
The rating agency lowered its growth projection for countries including Japan, China, Hong Kong, Singapore and Australia as it noted external and internal issues weighed on stable private and public consumption in the region.
Weak export growth, owing to a global economic slowdown, hit open economies such as Korea and Hong Kong while fiscal tightening and budget issues burdened economic expansion in Malaysia, Sri Lanka and the Philippines. Japan and India also witnessed a cut in growth forecast due to domestic factors.
A slowdown in the region, however, has not affected employment conditions, and "generally benign inflation supports purchasing power across Asia-Pacific," Moody's said.
