12 October 2012 08:46 [Source: ICIS news]
Economic growth fell to its lowest rate since the 2008 global financial crisis during the first half of the year, IMF said.
Asia’s economy is projected to expand by 5.4% in 2012, about 0.6 percentage points below a forecast made earlier in April, the IMF said in its Asia and Pacific Regional Economic Outlook report.
The IMF defines Asia as east Asia, south Asia and southeast Asia as well as
The region’s economy is expected to grow by 5.9% in 2013, 0.7 percentage points below a previous forecast made in April, but noted that there is a one-seventh chance that Asia’s economic growth would drop below 4%, it said.
"Growth is projected to pick up very gradually, and
“However, considerable downside risks remain, in particular with regard to the euro area crisis,” it added.
About two-thirds of emerging Asia’s exports on a value-added basis is linked to demand from the EU and the
“Therefore, trade-channel effects, including through the second-round impact of lower investment and employment in export-oriented sectors, would exert a powerful downward drag on Asia’s most open economies in the event of a severe global slowdown resulting from a further escalation of the euro area crisis or a fiscal shock in the
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