IMF trims growth forecasts for Asia
Source: Agencies |
October 14, 2011, Friday
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Print Edition
Print Edition
THE International Monetary Fund trimmed its economic growth forecasts for Asia yesterday because of financial turbulence in Europe and a possible slowdown in the United States.
The risks to Asia's growth are "decidedly tilted to the downside" reflecting the negative outlooks for Europe and the US, which are the major markets for the region's exports, the IMF said in a twice-yearly report.
Asia's economic growth is forecast to average 6.3 percent in 2011, rising to 6.7 percent in 2012. That's lower than the IMF's April forecast of nearly 7 percent in both years.
The report covers 20 economies in a vast region stretching from India to Japan to New Zealand.
IMF officials warned that an escalation of the debt crisis affecting nations that use the euro, and a more severe slowdown in the US, would hit Asia too.
"Although domestic demand remains strong, we cannot assume Asia will be immune from the risks if they materialize in the rest of the world," said IMF Asia-Pacific Director Anoop Singh.
Any worsening of Europe's debt crisis, in particular, "poses an extreme downside risk for Asia," the report said. The panic-driven selling in stock markets across Asia in August and September amid Europe's intensifying financial woes showed there's "no place to hide" when advanced economies come under pressure, it said.
After a strong start in the first quarter, Asian economic growth slowed because of sluggish demand from advanced economies and a devastating tsunami in Japan in March that disrupted industrial production and export growth across the region.
The risks to Asia's growth are "decidedly tilted to the downside" reflecting the negative outlooks for Europe and the US, which are the major markets for the region's exports, the IMF said in a twice-yearly report.
Asia's economic growth is forecast to average 6.3 percent in 2011, rising to 6.7 percent in 2012. That's lower than the IMF's April forecast of nearly 7 percent in both years.
The report covers 20 economies in a vast region stretching from India to Japan to New Zealand.
IMF officials warned that an escalation of the debt crisis affecting nations that use the euro, and a more severe slowdown in the US, would hit Asia too.
"Although domestic demand remains strong, we cannot assume Asia will be immune from the risks if they materialize in the rest of the world," said IMF Asia-Pacific Director Anoop Singh.
Any worsening of Europe's debt crisis, in particular, "poses an extreme downside risk for Asia," the report said. The panic-driven selling in stock markets across Asia in August and September amid Europe's intensifying financial woes showed there's "no place to hide" when advanced economies come under pressure, it said.
After a strong start in the first quarter, Asian economic growth slowed because of sluggish demand from advanced economies and a devastating tsunami in Japan in March that disrupted industrial production and export growth across the region.
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