13 Oct 2011

IMF / ASIA ECONOMIC OUTLOOK

With increasing financial turbulence in the euro area and growth slowing in the United States, Asia is facing rising risks to its growth, says the International Monetary Fund in its latest Regional Economic Outlook for the Asia and Pacific region. IMF

Posted at: October 13, 2011 4:09 pm

Duration: 01:54

Available in: SD

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STORY: IMF / ASIA ECONOMIC OUTLOOK 
TRT: 1:54
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS

DATELINE: OCTOBER 2011, WASHINGTON DC / RECENT

SHOTLIST:

RECENT - WASHINGTON DC

1. Wide shot, exterior IMF headquarters

OCTOBER 2011, WASHINGTON DC

2. SOUNDBITE (English) Anoop Singh, Director, Asia Pacific Department, International Monetary Fund:
"World facing uncertain risks but main point is in Asia, domestic demand is has been resilient. We see this data in the first half of the year. Overall, we've seen strong domestic demand. This is protecting Asia to important extent, for uncertainty we see now building in advance economies."

RECENT – HYDERABAD, INDIA

3. Various shots, marketplace

OCTOBER 2011, WASHINGTON DC

4. SOUNDBITE (English) Anoop Singh, Director, Asia Pacific Department, International Monetary Fund:
"As you look at Asia, we have some moderation in the third quarter. And we have revised our prospect down because of downside risks. But overall, we are still projecting emerging Asia to be 7.5-8 percent growth this year and next year. This reflects strength of domestic demand in much of Asia"

RECENT – SEOUL, KOREA

5. Various shots, street scenes

OCTOBER 2011, WASHINGTON DC

6. SOUNDBITE (English) Anoop Singh, Director, Asia Pacific Department, International Monetary Fund:
"As you look at the downside risks, you have to consider although Asian inter-regional trade increased over time, if you look at Europe and the U.S., these together count to more than third of the trade of Asia. Therefore any uncertainty as it now materializes for advanced economies, significant effect in Asia for trade side."

RECENT - WASHINGTON DC

7. Wide shot, exterior IMF headquarters

STORYLINE:

Gross Domestic Product (GDP) growth across Asia is forecast to average 6¼ percent in 2011, rising to 6¾ percent next year, moderately lower than envisaged 6 months ago, and in line with the weaker global outlook.

"Risks for Asia are decidedly tilted to the downside," suggest the authors of the twice-annual report released in Tokyo.

Although far from the epicenter of the crisis, Asia remains vulnerable to further trade and financial shocks given its high degree of integration.

In addition to a drop in global demand for Asian exports, foreign investors could retrench from the region, reversing their large positions. European banks could reduce cross border lending, causing credit flows to dry up.