The Asian markets closed mostly in red on Monday, amid fresh concerns over the outlook for global growth.
The Asian markets closed mostly in red on Monday, amid fresh concerns over the outlook for global growth. Nikkei stock exchange was closed on account of ‘Respect for the Aged Day’ holiday. China’s Vice Finance Minister Shi Yaobin stated that the country’s stock market and foreign-exchange fluctuations are short term and the country can maintain a medium to high economic growth rate.
Yaobin added that a string of downbeat activity data combined with wild price swings in the stock markets and a surprise currency devaluation in August have fuelled fears that the Chinese economy may be slowing more sharply than was expected earlier, putting Beijing’s 2015 growth target of 7% at risk. South Korea’s National Assembly Budget Office (NABO) cut its 2016 economic growth forecast to 3.0% from 3.3%, noting it might fare better than this year, but could be curbed by offshore developments. The parliamentary budget office estimate was revised down from the forecast of 3.3% for next year it made in May. It also revised this year’s growth forecast to 2.6% from 3.0%.
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