{
    "success": true,
    "data": {
        "id": 1405541,
        "msgid": "japan-think-tank-revises-down-asian-growth-outlook-1447893297",
        "date": "1998-04-01 00:00:00",
        "title": "Japan think tank revises down Asian growth outlook",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Japan think tank revises down Asian growth outlook TOKYO (Reuters): The Institute of Developing Economies (IDE), a Japanese think tank, said yesterday it has revised down sharply its growth forecast for the Asian region in calendar 1998. \"One of the main reasons for the revision is the prolonged conflict between Indonesia and the IMF (International Monetary Fund) over conditions attached to IMF lending,\" said Mitsuru Toida, chief economist of Statistical Research Department of the IDE.",
        "content": "<p>Japan think tank revises down Asian growth outlook<\/p>\n<p>TOKYO (Reuters): The Institute of Developing Economies (IDE),<br>\na Japanese think tank, said yesterday it has revised down sharply<br>\nits growth forecast for the Asian region in calendar 1998.<\/p>\n<p>\"One of the main reasons for the revision is the prolonged<br>\nconflict between Indonesia and the IMF (International Monetary<br>\nFund) over conditions attached to IMF lending,\" said Mitsuru<br>\nToida, chief economist of Statistical Research Department of the<br>\nIDE.<\/p>\n<p>The IDE is a semi-governmental think tank under the Ministry<br>\nof International Trade and Industry that specializes in the Asian<br>\nregion.<\/p>\n<p>\"The other reason is that the severe credit contraction in<br>\nsuch countries as Indonesia, Thailand and Korea that are<br>\nrecipients of IMF loans,\" Toida said.<\/p>\n<p>The credit contraction prevailing in those countries is more<br>\nextensive and taking place over a longer period of time than the<br>\nIDE had forecast in December, he said.<\/p>\n<p>Both domestic and foreign financial institutions are reluctant<br>\nto lend money to companies in Asian nations hit by currency<br>\ncrises, aggravating the financial crisis and drying up liquidity<br>\nnecessary for the real economy, he added.<\/p>\n<p>The following is a breakdown of the IDE's revised forecasts<br>\nfor 1998 in terms of real gross domestic product growth rates<\/p>\n<p>Growth  Forecast<\/p>\n<p>Countries          Revised  Previous<\/p>\n<p>------------------------------------<\/p>\n<p>Thailand            -3.0%    +5.4%<\/p>\n<p>Indonesia           -5.5%    +4.1%<\/p>\n<p>Malaysia            +4.0%    +6.6%<\/p>\n<p>Philippines         +3.8%    +4.8%<\/p>\n<p>Vietnam             +8.5%    +8.5%<\/p>\n<p>ASEAN five average  -1.3%    +5.2%<\/p>\n<p>South Korea         +0.4%    +3.0%<\/p>\n<p>Taiwan              +6.3%    +6.6%<\/p>\n<p>Singapore           +5.6%    +7.3%<\/p>\n<p>Hong Kong           +2.6%    +3.8%<\/p>\n<p>NIEs average        +2.9%    +4.5%<\/p>\n<p>China               +8.4%    +9.0%<\/p>\n<p>Overall East Asia   +3.9%    +6.2%<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/japan-think-tank-revises-down-asian-growth-outlook-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}