Wednesday, 07 June 2023 11:37 GMT

Asian shares end Tuesday on higher note due to worries around global recession

(MENAFN) Asian markets on Tuesday ended with increases due to worries around the high interest rate environment and as the repercussions of the robust dollar on the economies continue to pressure the worldwide markets.

The OECD on Monday decreased its expansion outlook for the worldwide economy from 2.8 percent to 2.2 percent for 2023.

The global body also decreased its expansion outlook for the Chinese economy for this year and the following, individually, to 3.2 percent and 4.7 percent.

Another revision came from the World Bank which downwardly revised its outlook for China's financial expansion.

In the face of surging dangers, the People's Bank of China carried on its short-term liquidity to back meet the cash requirements of the markets. The nation stepped up efforts to save jobs, with some 64.63 billion yuan (USD9.19 billion) being directed to businesses this year.

In the meantime, the Bank of Japan declared an unintended bond-buying program.


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