Asian Economy: Overview, Growth and Development - South Asia remained fastest growing region globally.

• Author: Kazmi, S. Kamal Hayder

Byline: S. Kamal Hayder Kazmi

South Asia remained the fastest growing region in the world last year. However, growth moderated from 7.2 percent in 2017 to 6.9 percent in 2018, along with the deceleration of growth in the rest of the world. Regional growth remained driven by domestic demand - and not exports - which resulted in another year of double-digit volume growth of imports. The value of imports was further pushed up by rising oil prices. The widening current account deficits became more difficult to finance after the Federal Reserve gradually tightened monetary policy. These tensions triggered capital outflows, depreciation pressures, increases in credit default swap spreads, and falling stock prices. In some...