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Emerging Asia expected to lead global recovery: experts
Date: 2010-5-21 Click: 1166
Emerging Asia is expected to lead global recovery in 2010 with private domestic demand needs to become a more prominent source of growth in the region, experts said here recently.
They also said that while European crisis could affect investor confidence but it is unlikely to affect global recovery severely.
"he global outlook is shaping up better than expected, but growth varies across regions, with emerging Asia in the lead," said Mahmood Pradhan, the International Monetary Fund's Senior Adviser for Asia and Pacific Department, adding that it will continue in 2011.
He said that China's growth is becoming more broad-based with positive spillovers for the region, while in Japan recovery is also underway and deflation is expected to moderate.
He said that ample supply of global liquidity and stronger growth prospects are driving capital inflows to the region.
Fauzi Ichsan, Senior Economist/Global Research in Standard Chartered Bank Indonesia said that prospect of global recovery supports global stock markets and commodity prices since 2009.
"Global stock market recovery and low global interest rates help Asian currencies," said Fauzi.
He said that prospects of global economic recovery in 2010 induced stock market rallies in 2009.
"Stock market rallies in turn triggered currency rebounds in Asia and weakness in the U.S. dollar and euro support Asian currencies," he said.
However, the more globalized-world makes interdependence grows and Asia is not an exception.
"Asia is still very exposed to global demand and the region remains reliant on external financing, while in a number of Asian economies, output gaps are closing and inflationary pressures are emerging," said Mahmood.
Also, he said, even though there is no clear evidence of asset bubbles so far, the high levels of liquidity in the region raise a concern.
"Global financial stability improved, but not assured," he said.
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