Asian economy faces only mild slowdown, IMF official says
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Asian economies have weathered the US subprime mortgage crisis well and will experience only a mild slowdown next year, a senior International Monetary Fund official said Thursday.
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The rapidly developing economies in Asia mean fewer rice paddies.
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The economy is poised to grow by 6.4 per cent during the current year and 6.7 per cent in 2005, but a poor monsoon is raising concerns over agricultural growth, the International Monetary Fund (IMF) said here today.
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China's economic growth is expected to slow slightly next year to a still robust 10.9 percent, with inflation at 4.5 percent, the central bank's research bureau said in a forecast reported Friday by a government newspaper.
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China released figures suggesting the economy is not decelerating as much as feared, easing concerns the government might have stepped too hard on the brakes.
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U.S. economic activity should pick up for the rest of this year and into 2008 as the drag from a decline in the housing market dissipates, the International Monetary Fund said Friday.
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The Philippine economyâs projected 4.5-percent growth in 2005 would be the slowest among developing Asian economies, fresh data from the World Bank show.
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Asian powerhouses China and India have to grapple with some critical problems in their financial systems amid a projected slowdown in global economic growth, experts warn.
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The IMF says China must not slacken efforts to ease too-rapid growth and urges it to reform exchange rates.
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Japan's economy grows just 0.1% in the third quarter, hit by faltering exports and a slowdown in corporate investment.
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Asia's economic growth is likely to be constrained by an expected slowdown in the U.S. economy and potential spillover from the subprime mortgage crisis, two economic forecasts released Thursday said.
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The U.S. economy is slowing but the  outlook is benign, while Japan is poised for its longest  post-war growth spell, OECD chief Angel Gurria said on  Thursday.
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South Korea's economy will probably expand by slightly less than the previously projected 5 percent in 2008 due to increased risks from the slowing global economy and firmer oil prices, Finance Minister Kwon O-kyu said.
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Good news for officials who are trying to cool an overheated economy; austerity measures to remain. BEIJING  - China reported a marked slowdown in investment and money supply growth Monday, but stubbornly
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Financial market turbulence should have only a limited impact on euro-zone growth, European Central Bank policymakers said at weekend meetings of global financial officials in Washington.
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The head of the International Monetary Fund on Tuesday predicted a "continued smooth ride" for the global economy, but cautioned there are signs of potential trouble ahead after several years of brisk growth.
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South Korea's integration into the global economy is still relatively low despite its dramatic growth in recent decades, the head of the Organization for Economic Cooperation and Development (OECD) said.