The IMF predicted growth for Asia and the Pacific at 4 percent  this year and 4.3 percent in 2023, with both below the 5.5 percent average over the last two decades.

Still, they are higher than the fund’s forecasts for Europe and the U.S. The IMF is expecting growth of 3.1 percent in 2022 and 0.5 percent in 2023 for the euro area; and 1.6 percent growth this year and 1 percent next year for the U.S.

“High debt economies such as Maldives, Laos and Papua New Guinea, and those facing refinancing risks, like Mongolia, are also facing challenges as the tide changes,” the IMF said. Mongolia wants to issue a bond to manage forthcoming foreign debts. There are three bonds issued by Mongolian Government and Development bank of Mongolia matures between May and December 2023.

As for China, it would likely see a recovery this year and might post a 3.2% growth in 2022 before accelerating to 4.4% in 2023 — assuming its Covid-zero policies are loosened gradually, the IMF said.