S&P: No meaningful contagion yet for Asia-Pacific from US banks and Credit Suisse turmoil

S&P Global Ratings is out with its review, assessing the economic recovery risk of Asia-pacific, in the facing of the global banking crisis.

Key takeaways

“Growth in annual real GDP in Asia-Pacific will average at the mid 4% level over the next few years.”

“Have yet to see any meaningful contagion for Asia-Pacific from the turmoil of US regional banks and Credit Suisse.“

“For Asia-Pacific net rating outlook bias remains steady at negative 3%; downside risks are worsening.“

“Base case is for China's economy to recover in 2023, and most other Asia-Pacific geographies in 2024.”

“We assess the economic recovery risk of Asia-Pacific as high and unchanged.”