Economic Performance in Asia-Pacific Impressive: IMF

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Last updated at: (Beijing Time) Thursday, April 10, 2003

Economic Performance in Asia-Pacific Impressive: IMF

The International Monetary Fund(IMF) on Wednesday said economic performance in the Asia-Pacific region was impressive in 2002.

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The International Monetary Fund(IMF) on Wednesday said economic performance in the Asia-Pacific region was impressive in 2002.

In its latest World Economic Outlook report released on Wednesday, the multinational financial institution said the region's real gross domestic product (GDP) registered a more than six percent increase in 2002.

The strong growth at a time when the recovery in industrializedcountries had been relatively weak, raised the question whether Asian economies have become less dependent on demand from outside the region, said the IMF.

Several factors, however, suggest the global environment remained the main driving force behind the region's activity, saidthe IMF, adding that exports contributed much to the region's GDP.

While the anticipated improvement of world economy is expected to underpin real GDP growth of about six percent in the region during the period from 2003 to 2004, current global uncertainties present a downside risk to this estimate, the IMF said.

Since most Asian countries are oil importers, a protracted war in Iraq would have a negative impact on Asia through higher oil prices, weaker growth in trading partners and lower equity prices,it said.

The financial institution also said that some economies would also be affected by lower remittance income and tourism revenues, and reduced access to international capital markets.

Further, were the demand for electronic products to remain weak,exports would drop, which in turn would hurt industrial production,consumption and investment, said the IMF.

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