Domestic demand in Asia is hampered because central bank monetary easing is unable to flow back into the economy and stimulate spending, according to one ANZ economist.
slowdown looks like it's here to stay, said the chief economist and head of research at Australian bank ANZ, Richard Yetsenga.
"For the region, it's increasingly about having business models which fit a world where China is growing much less quickly, and where trade is much less easy than growth support. That means increasing domestic demand, and that means getting domestic financial systems right," Yetsenga told CNBC on Thursday.
The Chinese flag floats before the skyscrapers of multinational corporations on February 23, 2018 in Shanghai, China.Ten years ago, China began the structural adjustment as its economy grew at 12%, he said, noting it's never gone back to that rate of growth. "I think we all need to accept that China is slowing structurally — we use the word 'structural' and really, we mean 'permanently,'" he said.
"My expectation is, we say goodbye to , it's very unlikely we ever get back to . I think this is a permanent slowdown in China," said Yetsenga.
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