The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
In the past 6 months, developing East Asia and Pacific has faced a challenging external environment, but growth has generally remained resilient. Over the next 3 years, growth is expected to ease modestly. China will continue its gradual shift to a more sustainable growth path. Some economies will be affected by low commodity prices and weaker external demand. This outlook is subject to elevated risks. Countries should prioritize monetary and fiscal policies that reduce their exposure to risks and strengthen market confidence. In China, there is a need to reduce leverage. In several countries, action is required to enhance transparency, strengthen accountability, and redefine the role of the state. Efforts to reduce barriers to trade should be redoubled, with a particular focus on non-tariff measures and regulatory barriers, including to trade in services. The region must increase its readiness to benefit from the digital revolution, and in particular develop the essential “analog complements†? to digital technologies.
“The Impact of Broadband on Chinese Exports in the Pre-Alibaba Era.” Background paper for the World Development Report 2016, ... -tech/our-insights/chinas-digital-transformation. Meeker, Mary. 2015. “Internet Trends 2015: Code ...
Growth in the developing East Asia and Pacific region slowed in the first half of 2019 given weakening global demand and heightened policy uncertainty amid ongoing trade tensions. Steady consumption growth helped to partly offset the effects of weakening exports and investment on growth. The region’s growth prospects face intensified downside risks, including further escalation of trade disputes, a sharper-than-expected slowdown in China, the United States and the Euro Area, along with a disorderly Brexit, and an abrupt change in global financing conditions. In some countries, rising indebtedness and other vulnerabilities, such as the constrained capacity for foreign debt rollover, could amplify the negative effects of external shocks. The regional growth moderation underscores the need to address key vulnerabilities and preserve economic dynamism among developing East Asia and Pacific economies. In the short run, countries with sufficient policy space should use available policy tools to stimulate domestic activities. Better quality spending, together with prudent debt management, is needed to safeguard fiscal sustainability. Deepening regional integration would help offset the negative impact of global protectionism. In the medium to long term, pursuing structural reforms that raise competitiveness, support trade and investment, and encourage innovation is critical to boosting productivity and growth.
Digital Globalization: The New Era of Global Flows. www.mckinsey.com/business-functions/digitalmckinsey/our-insights/digital-globalization-the-new-era-of-global-flows. McKinsey Global Institute. 2017a. A Future that Works: Automation, ...
