Frankfurt

ASIA "is facing severe headwinds from a still weak global recovery, slowing global trade, and the short-term impact of China's growth transition", the International Monetary Fund (IMF) said on Monday in its latest Regional Economic Outlook for Asia and the Pacific.

In particular, said the IMF, "the turning of the credit and financial cycles amid high debt poses a significant risk to growth in Asia, especially because debt levels have increased markedly over the past decade across most of the major economies in the region, including China and Japan".