Asia poised for strong growth: IMF

Asia poised for strong growth: IMF

WASHINGTON (AFP): Asian countries excluding Japan have made stunning comebacks from the deep recessions of 1998 and will continue to deliver strong growth in the coming two years, the International Monetary Fund said on Wednesday.

"The momentum of economic recovery in Asia increased significantly in 1999, with growth exceeding -- by a wide margin in some countries -- earlier expectations," the IMF said in its World Economic Outlook.

"This recovery is projected to continue in 2000 and to become more evenly balanced across most of the advanced and developing countries of the region."

Indonesia, the hardest hit by the Asian financial crisis, managed 0.2 percent growth in 1999 and is expected to post growth of 3 percent in 2000 and 3.5 percent in 2001, the forecast said.

Leading the pack in Asia in 1999 was South Korea, which grew at a sizzling 10.7 percent rate in 1999 after a 6.7 percent contraction in 1998. The IMF said South Korea's economy would grow 7 percent in 2000 and 6.5 percent in 2001.

Singapore posted growth of 5.4 percent in 1999, and that pace will accelerate to 5.9 percent in 2000 and six percent in 2001, the report said.

Other Asian nations -- Bangladesh, India, Malaysia, Pakistan, the Philippines, Thailand and Vietnam -- are due to grow at a rate of at least four percent in 2000 and 2001, according to the IMF.