Asia on recovery path, but challenges ahead: IMF

Written by Press Trust of India | Washington | Updated: Oct 31 2009, 04:32am hrs
The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75% during 2010, says the International Monetary Fund (IMF).

"The region (Asia) is out pacing other parts of the world, with the "green shoots" of recovery appearing earlier and taking firmer roots than elsewhere," the IMF said in its regional economic outlook on Thursday. IMF forecasts suggest Asia will grow by 5.75% in 2010, higher than the 1.25% predicted for the G-7 economies, but short of the 6.66% average recorded for the region over the past decade.

"Asian economies have been very strong in their stimulus from both monetary and fiscal sources," IMF Asia and Pacific Department director Anoop Singh said.