IMF revises growth prospects for world economies (2)

16:34, July 08, 2010      

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Both of the two economic powerhouses for Asia, China and India, are estimated to register higher growth in 2010, with China's GDP growth forecast for 2010 raised to 10.5 percent and India's to 9.4 percent, the IMF said.

With the revised figures, China still ranks first in terms of 2010 GDP growth among all economies listed in the report, followed by India.

Meanwhile, growth rate for China in 2011 was put at 9.6 percent, down 0.3 percentage point from IMF's previous forecast and that of India's stayed the same at 8.4 percent.

"Given the strong rebound in exports and resilient domestic demand so far this year, the Chinese economy is now forecast to grow by 10.5 percent in 2010, before slowing to about 9.6 percent in 2011, when further measures are taken to slow credit growth and maintain financial stability," the IMF said.

The IMF asserted that even in case of external demand shocks, the large domestic bases in some of the Asian economies (China, India, Indonesia) could still provide a cushion to growth.

From a global perspective, the economic recovery will continue despite more financial turbulence and inflation will remain subdued worldwide, the IMF said.

However, it warned the downside risks to global growth are much greater.

"Against this uncertain backdrop, the overarching policy challenge is to restore financial market confidence without choking the recovery," it said.

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