IMF Economic overview: What is in store for the Asia Pacific region in 2018?

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As the global economy looks forward to a stronger growth, the Asia Pacific Region (APR) is expected to reflect the same optimism. This is according to the recent report released by the International Monetary Fund (IMF), emphasizing that the APR remains the most economically dynamic region among its global peers. Moreover, the region is of immense interest among investment institutions, including offshore portfolio management companies like LOM Financial.

The same report reveals that the overall growth in Asia through 2018 and 2019 is forecast at 5.6%. Inflation in the region, on the other hand, is predicted to be subdued. Unsurprisingly, the changes in the U.S. policies will support the region’s investments and exports efforts. Moreover, accommodative financial conditions are projected to support domestic demand.

Since last year’s economic overview of APR, the region has seen an improvement in their near-term prospects while at the same time, neutralizing the risks predicted from the last regional update. However, when it comes to the medium-term prospects, downside risks such as the tightening of the world’s financial conditions, the focus on perfectionist policies, and the global political tensions are still dominating.

The effects of these risks are directly affecting many Asian economies, and thus empowering calls for structural reforms. These reforms can be the most effective countermeasures that will readily address both medium and long-term risks that include population aging and decreased productivity and growth.

Asia is already known as a leader in the digital revolution for many other industries and the said reforms have the power to also boost the economy of the Asia Pacific region especially with the growing potential of digitization and other emerging technologies that are slowly transforming the global economy.

Why high net-worth individuals turn to offshore private banking

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One of the most in-demand offshore financial services today, especially for high net-worth individuals, is offshore private banking. While this service shares almost the same basic offerings with traditional banks, there are defining characteristics and personalized options that make it attractive, especially to the uber-wealthy.

In definition, offshore private banking offers not just banking services but also investment services and financial advice to private clients. Client accounts are not just for individuals, but they can also represent even a group. Because these clients own extremely large assets, the need for a banking manager’s expertise as well as the confidentiality that goes with it is of utmost importance.

Basically, a business manager guides and assists clients in making financial decisions for their assets under a personalized financial strategy. Furthermore, these experts manage their client’s wealth in an offshore environment, in full confidentiality.

Most importantly, what makes this type of banking stand out is their focus on financial strategies specially tailored to their client’s specific short term and long term financial goals.

There are several offshore financial centers that offer these services like financial centers around the Caribbean region such as the Bahamas, Cayman Islands, Bermuda (where award-winning company LOM Financial is headquartered), and even cities in Asia like Hong Kong. European countries such as Switzerland are also popular choices for offshore private banking services, especially for international clients.

Opening an offshore private banking account is easy as long as the value of your assets qualifies the requirements set by private banking services. Depending on your wealth, you’ll enjoy services such as personalized financial plans, your own account manager, and even the options to negotiate rates, commissions, and more.