As the saying goes, it never rains but it pours. While the pandemic may be easing, economies around the world are now facing soaring inflation.
With global markets already struggling to tamp down prices caused by supply chain disruption, relief does not appear to be anywhere in sight. In fact, inflationary pressure is expected to worsen as conflict in Ukraine continues to drag on, and the effects of climate change take hold. Wheat and oil prices have risen by some 60% and 70% respectively compared to a year earlier.
In Asia, the uptick in prices has been milder than in the West. Although a number of Asian central banks have begun to tighten their monetary policies, these are in the minority. Inflation appears to be less prevalent in the region and therefore assigned a lower priority, relative to salvaging pandemic-ravaged economies.
Immunity to price pressure may not last, however, as a recent surge in Covid cases on the Mainland has compounded supply chain woes. At the same time, it appears that the world is turning its back on globalization, which has been instrumental in keeping prices down over the past decades.
Against such a backdrop, what is the inflation and economic outlook for Asia? How will these shape policy responses in major regional economies? What will be the impact on Asian currencies of the Federal Reserve's pursuit of deleveraging and, more recently, higher interest rates?
Join us on 19 July when two experts -- Louis Kuijs, Chief Economist for Asia Pacific at S&P Global Ratings, and Wei Liao, Senior Vice President and China Economist at PIMCO -- will share their thoughts on the inflationary and economic prospects for Asia. They will also discuss other key factors that will influence the region's short-term economic outlook.
Coronavirus Containment Measure:
- Attendees are required to scan the "Leave Home Safe" QR code on arrival at the Chamber and should wear a mask at all times. They are also subject to temperature checks.
- Attendees, who feel unwell are advised against in-person attendance at the Chamber. If attendees are required to undergo compulsory testing, please kindly bring along a negative PRC or RAT test result when attending physically.
- To prevent the spread of Covid-19, food and beverages will not be provided during the event