ID :
83035
Sun, 10/04/2009 - 20:54
Auther :
Shortlink :
http://m.oananews.org//node/83035
The shortlink copeid
Asia recovering strongly but should keep stimulus: IMF official+
ISTANBUL, Oct. 4 Kyodo -
Asia is recovering from the worst global recession in generations faster and
stronger than other regions, but governments in the region should keep their
stimulus plans in place, a senior official of the International Monetary Fund
said Sunday.
''Despite a difficult first quarter in the region, an economic turnaround now
appears under way in many parts of Asia,'' said Anoop Singh, director of the
IMF's Asia and Pacific Department, at a news briefing.
The IMF expects growth in Asia to rack up 2.8 percent in 2009 and accelerate to
5.8 percent in 2010, with major emerging economies such as China and India
picking up even more robustly.
Singh said Asia's economic upturn has been propelled by quick and powerful
action from policymakers, including gargantuan fiscal spending and
accommodative monetary settings.
''The fiscal stimulus in Asia was substantial -- larger than the G-20 average
-- and was quickly deployed,'' he said, referring to the Group of 20 advanced
and emerging economies.
For all these efforts, however, Singh warned against a premature withdrawal of
stimulus as it might derail the region's nascent recovery.
''Many countries in Asia have had a long history of fiscal discipline and this
affords them significant scope to continue providing fiscal support to the
economy,'' he said.
''The region's central banks also have the room to maintain accommodative
monetary conditions until there are clear signs of a sustained growth in
private demand,'' he added.
Singh urged policymakers in the region to concentrate on boosting private
demand. Going forward, he said, ''the impetus for Asia will need to come from
within.''
He also pointed to the need for global rebalancing of economies, which requires
most of Asia to boost domestic demand and rely less on exports.
Touching on China and other major emerging economies in the region, Singh
attached importance to increasing labor's share of national income.
But he acknowledged that ''global rebalancing will take time, and we need to
allow for that.''
Asked about a pledge to spur consumer spending by Japan's new government led by
Prime Minister Yukio Hatoyama, Singh said the IMF will take a ''wait-and-see''
stance as details are not yet available.
==Kyodo
2009-10-04 22:00:36
Asia is recovering from the worst global recession in generations faster and
stronger than other regions, but governments in the region should keep their
stimulus plans in place, a senior official of the International Monetary Fund
said Sunday.
''Despite a difficult first quarter in the region, an economic turnaround now
appears under way in many parts of Asia,'' said Anoop Singh, director of the
IMF's Asia and Pacific Department, at a news briefing.
The IMF expects growth in Asia to rack up 2.8 percent in 2009 and accelerate to
5.8 percent in 2010, with major emerging economies such as China and India
picking up even more robustly.
Singh said Asia's economic upturn has been propelled by quick and powerful
action from policymakers, including gargantuan fiscal spending and
accommodative monetary settings.
''The fiscal stimulus in Asia was substantial -- larger than the G-20 average
-- and was quickly deployed,'' he said, referring to the Group of 20 advanced
and emerging economies.
For all these efforts, however, Singh warned against a premature withdrawal of
stimulus as it might derail the region's nascent recovery.
''Many countries in Asia have had a long history of fiscal discipline and this
affords them significant scope to continue providing fiscal support to the
economy,'' he said.
''The region's central banks also have the room to maintain accommodative
monetary conditions until there are clear signs of a sustained growth in
private demand,'' he added.
Singh urged policymakers in the region to concentrate on boosting private
demand. Going forward, he said, ''the impetus for Asia will need to come from
within.''
He also pointed to the need for global rebalancing of economies, which requires
most of Asia to boost domestic demand and rely less on exports.
Touching on China and other major emerging economies in the region, Singh
attached importance to increasing labor's share of national income.
But he acknowledged that ''global rebalancing will take time, and we need to
allow for that.''
Asked about a pledge to spur consumer spending by Japan's new government led by
Prime Minister Yukio Hatoyama, Singh said the IMF will take a ''wait-and-see''
stance as details are not yet available.
==Kyodo
2009-10-04 22:00:36
