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IMF: Asia must rely on domestic demand for growth
by hlk Fri 27 Apr 2012, 19:23
KUALA LUMPUR: Asian economies has continued and will continue in the foreseeable future to stimulate economic growth and prosperity for the world, however these economies should also take this opportune time to move away from the exports based growth model, said the International Monetary Fund.
IMF's director of the Asia Pacific department Anoop Singh said on Friday this was because Asia would continue to drive future growth will grow faster than their counterparts in the western economies.
He added that Asia would soon need to rely on its domestic demand for growth on the back of flourishing population growth dynamics.
Anoop expected Asia's cumulative GDP as a whole to grow by 6% this year and rising to 6.5% in 2013; while he expected emerging Asia's GDP to grow at a faster pace of almost 7% and further at 7.5% in 2013.
The IMF said that western economies would grow at only 1.4% this year.
IMF's director of the Asia Pacific department Anoop Singh said on Friday this was because Asia would continue to drive future growth will grow faster than their counterparts in the western economies.
He added that Asia would soon need to rely on its domestic demand for growth on the back of flourishing population growth dynamics.
Anoop expected Asia's cumulative GDP as a whole to grow by 6% this year and rising to 6.5% in 2013; while he expected emerging Asia's GDP to grow at a faster pace of almost 7% and further at 7.5% in 2013.
The IMF said that western economies would grow at only 1.4% this year.
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