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Asia leads global economic recovery for first time: IMF - People's Daily Online April 25, 2010
The International Monetary Fund said Saturday that for the first time ever Asia is leading the recovery from a global economic crisis.
"Asia's faster recovery relative to the rest of the world seems to mark a break from the past," Anoop Singh, director of the Asia and Pacific Department at the IMF, said at a press conference.
"Although GDP growth in Asia has exceeded that of advanced economies over the last three decades, this is the first time Asia is leading a global recovery," he said.
Singh said that in all previous global downturns Asia's contribution to recovery was lower than that of other regions.
He also pointed out that Asia's recovery this time has not only been driven by exports, but also by resilient domestic demand.
Finance ministers, central bank governors and economists from more than 180 countries were expected to attend the spring meetings of the IMF and the World Bank on Saturday and Sunday in Washington.
Sovereign credit crisis, exit strategies from stimulus measures and increasing quota shares for emerging economies were the main issues to be discussed in the meetings.
Source: Xinhua
The International Monetary Fund said Saturday that for the first time ever Asia is leading the recovery from a global economic crisis.
"Asia's faster recovery relative to the rest of the world seems to mark a break from the past," Anoop Singh, director of the Asia and Pacific Department at the IMF, said at a press conference.
"Although GDP growth in Asia has exceeded that of advanced economies over the last three decades, this is the first time Asia is leading a global recovery," he said.
Singh said that in all previous global downturns Asia's contribution to recovery was lower than that of other regions.
He also pointed out that Asia's recovery this time has not only been driven by exports, but also by resilient domestic demand.
Finance ministers, central bank governors and economists from more than 180 countries were expected to attend the spring meetings of the IMF and the World Bank on Saturday and Sunday in Washington.
Sovereign credit crisis, exit strategies from stimulus measures and increasing quota shares for emerging economies were the main issues to be discussed in the meetings.
Source: Xinhua
