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IMF: Asia growth to hit near 6%

Source: Bangkok Post (April 2012)

Asia will register overall economic growth of about six per cent this year despite Europe’s ongoing crisis, the International Monetary Fund said on Tuesday.

"Resilient domestic demand in China, limited financial spillovers, room for policy easing and the capacity of Asian banks to step in as European banks deleverage suggest the soft landing under way is likely to continue" the IMF’s World Economic Outlook said of Asia.

The region grew 5.9 per cent last year, and was projected to grow 6.5 per cent next year, led by China and India.

China’s economy was projected to grow at a slower rate of 8.2 per cent this year, led by domestic consumption and investments, while India’s growth is estimated at 6.9 per cent, slowed by higher interest rates and lower external demand, the fund said.

Thailand, where exports took a double hit in the last quarter from floods that interrupted supply chains and declining demand in Europe, was projected to show renewed growth of 5.5 per cent this year and 7.5 per cent next year, bolstered by the government’s 350 billion baht reconstruction budget.

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