According to Fitch Ratings' most recent outlook, despite a number of obstacles, Asia-Pacific (APAC) sovereigns are expected to rise robustly in 2024, outperforming their worldwide counterparts. The sector outlook is classified as neutral, indicating both regional strengths and weaknesses. Fitch Ratings anticipates that APAC sovereigns will sustain robust growth in 2024, remaining comparatively higher than other regions.
This resilience is attributed to the deceleration of growth in the US and China. The anticipated recovery in the tech cycle is expected to play a pivotal role, particularly benefiting countries like Korea, Malaysia, Taiwan, and Singapore.
However, challenges loom, with high borrowing costs and modest fiscal consolidation contributing to rising debt ratios in approximately half of the APAC sovereigns.
The sustained strength of the US dollar and global high yields may lead to continued refinancing challenges, especially for "frontier markets," necessitating dependence on official financing.
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