IMF Asian Economies

ID

487970

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Asia’s growth is forecast to be 5.6 percent in 2017 and 5.5 percent in 2018, maintaining the region’s importance as a global engine of growth, according to the IMF.

“Asia remains as the engine of growth. In relative terms, Asia’s contribution to growth is going down slightly because the other regions are also picking up. But the recovery of other regions broad-based recovery is increasing the Asian exports and that has a very virtuous circle within the region and in the world. So, for the short-term the outlook seems to be very positive,” said Changyong Rhee, Director of the Asia and Pacific Department of the IMF in a briefing on Friday on the Asia and Pacific regional Outlook.
SHOTLIST
1. Wide Asia and Pacific Department briefing
2. Wide reporters at briefing
3. SOUNDBITE: (English) Changyong Rhee, Director of the Asia and Pacific Department of the IMF
“Asia remains as the engine of growth. In relative terms, Asia’s contribution to growth is going down slightly because the other regions are also picking up. But the recovery of other regions broad-based recovery is increasing the Asian exports and that has a very virtuous circle within the region and in the world. So, for the short-term the outlook seems to be very positive.”
4. Mid reporters at briefing
5. Wide IMF officials at briefing
(SOUNDBITE STARTS ON WIDE AND SHOT CHANGES TO CLOSE)
6. SOUNDBITE: (English) Markus Rodlauer, Deputy Director of the Asia and Pacific Department of the IMF
“The RMB’s inclusion in the SDR basket was a big step, a milestone for the Fund and for the global economy. It was a bit step in the internationalization of the renminbi and also more broadly in the integration of the Chinese economy into the global financial system. This is very important for us as the process for making sure China feels at home in the international monetary system and feels at home in the IMF.”
7. Mid reporters
8. SOUNDBITE: (English) Changyong Rhee, Director of the Asia and Pacific Department of the IMF
“Broadly speaking, there are advanced Asian economies, which already experience rapid aging. And, for those countries, Japan is a great example, to see what’s going to happen in the future. And they have to adjust not only the structural policies, but also think about how to adjust the macroeconomic policy, especially monetary policy, to avoid so-called new mediocre in the medium-term.”
9. Close reporter
10. Wide IMF officials
(SOUNDBITE STARTS ON WIDE AND SHOT CHANGES TO CLOSE)
11. SOUNDBITE: (English) Ken Kang, Deputy Director of the Asia and Pacific Department of the IMF
“The Indonesian economy continues to perform well. We are forecasting growth to pick up to 5.3 percent next year from 5.2 percent this year. And, inflation remains manageable, well within the target band. In terms of the key priorities for strengthening growth and making it more inclusive, I would point to two areas. First, there’s a need to push forward on fiscal reforms, particularly on tax revenue. Tax revenue as a share of GDP in Indonesia is around 10 percent, which is low compared to other regions and there’s a need to strengthen that in order to create scope for the government’s ambitious agenda for addressing the infrastructure gap and raising social spending. The second area is on structural reforms to improve the overall business environment.”

12. Wide IMF officials at end of briefing
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