ASIAN governments should be "very careful" about raising taxes given growth uncertainties, a senior Asian Development Bank (ADB) economist said on Monday. "So, I do think Asian governments do need to be very careful about mobilizing more taxes, or to put it bluntly raising taxes in this kind of uncertain and fragile growth environment," he added. As Asian economies recover, tax revenue mobilization has to be a "balanced effort," Park said. The ADB expects developing Asia to grow by 5.2 percent this year and 5.3 percent in 2023. Growth risks tagged by the Manila-based multilateral include the ongoing Russia-Ukraine war, the US Federal Reserve's aggressive tightening, continued pandemic risks and an economic slowdown in China.

Source: Manila Times June 07, 2022 04:20 UTC