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Asia's Strong Growth Leading to New Policy Challenges: IMF
Source: ino.com
Source Date: Monday, October 25, 2010
Focus: Citizens’ Service Delivery
Created: Nov 01, 2010

Asia's strong economic growth is leading to new policy challenges, according to the Regional Economic Outlook from the International Monetary Fund, released on Monday. The lender urged many economies in the region to intensify ongoing moves to normalize monetary and fiscal policy stances.

The lender raised the 2010 economic growth for Asia significantly to 8% as the expansion exceeded expectations in the first half of the year, the Washington-based lender said in its Asia-Pacific Economic Outlook.

Economies across the region are expanding strongly with China and India leading the way with projected 2010 growth rates of 10.5% and 9.7%, respectively. Asia's growth is estimated to moderate to a more sustainable pace of 6.8% next year.

Amid strong growth, inflationary pressures are building and property prices are rising at double-digit rates, noted IMF. With Asia set to remain an attractive destination for foreign investment, surging capital inflows could add further to domestic price pressures in the period ahead.

"We welcome the steps so far taken by policymakers to address inflation risks and limit the build-up of financial vulnerabilities, but more now needs to be done given the continued strong growth in the region," said Anoop Singh, Director of the IMF's Asia and Pacific Department.

Developments in Singapore closely follow and highlight these regional trends and challenges, according to IMF. Although property prices continued to rise, capital inflows have not posed considerable concerns in Singapore. The authorities have rightly introduced macroprudential and other measures to forestall excessive exuberance and meet the growing demand for housing, the lender added.
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