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In its latest report released on Friday, the US-based Moody’s Investors Service made downward revisions to its GDP growth forecast for 16 economies in Asia Pacific.

Key Highlights:

“Of the 16, Hong Kong and Singapore have shown particularly weak expansions this year.

Externally-oriented economies saw a sharper slowing during the first six months of 2019, while domestic factors have had a greater influence on growth in Japan, India and the Philippines.

The weaker global economy has stunted Asian exports and the uncertain operating environment has weighed on investment.

As for the Philippines, the delay in the passing of the government budget has disrupted its infrastructure build-out, while in Malaysia and Sri Lanka, fiscal tightening has posed drags.

And with India, the moderation in business sentiment and slow flow of credit to corporates have contributed to weaker investment in the country.”