ING ups Asian GDP projections

ING ups Asian GDP projections

SINGAPORE: Asian economies are poised to accelerate this year at their fastest pace since the 1997 regional financial crisis thanks to higher exports and improved domestic spending, an arm of Dutch financial group ING said Monday.

ING Financial Markets said in a report that it was upgrading its 2004 growth projections for Hong Kong, Malaysia, the Philippines, Singapore and Taiwan while maintaining its forecasts for China and Indonesia.

South Korea and Thailand were the only exceptions where growth targets were lowered, ING said.

ING maintained China's 2004 growth forecast at 9.5 percent and Indonesia at 4.5 percent. -- AFP