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Asia faces weak recovery from slowdown, IMF says

 Tourists gather in front of the Singapore Financial District on Wednesday May 6, 2009 in Singapore. Most Asian economies face a sharp contraction thi...

Singapore Asia IMF Economy

Tourists gather in front of the Singapore Financial District on Wednesday May 6, 2009 in Singapore. Most Asian economies face a sharp contraction thi...

The International Monetary Fund says most Asian economies face a contraction this year and a weak recovery next year as global demand for the region's exports struggles to rebound.
The IMF predicted Wednesday in a report that Asia's collective economic growth will slow to 1.3 percent this year from 5.1 percent last year, before expanding 4.3 percent in 2010.
Excluding China and India, Asian economies will likely contract 2.9 percent this year and grow 1.6 percent next year.
The IMF urged Asian governments to extend fiscal stimulus packages into next year to help spur domestic demand, and suggests governments and central banks cut interest rates, purchase corporate bonds and provide guarantees to bank loans in a bid to spur lending and investment.


Updated : 2021-05-13 02:00 GMT+08:00