IMF sees robust growth for emerging Asian economies
MANILA, Philippines: Emerging Asian economies are expected to post
robust growth this year but are advised to boost technology and human
capital to avoid falling into the 'middle income trap', the
International Monetary Fund (IMF) said.
In its Asia-Pacific economic outlook released last week, the IMF
projected emerging Asia, including the Philippines, to grow 7.2 percent
this year, before slightly accelerating to 7.4 percent by 2014. An
emerging economy falls into a 'middle income trap' if it suffers from
'sustained growth slowdown' after years of fast growth. Emerging Asia
also includes China, India, Indonesia, Malaysia, Thailand and Vietnam.
The local economy, in particular, is seen to grow six percent this
year and 5.5 percent next year as earlier projected by the IMF in its
World Economic Outlook. “A small, gradual pick-up in growth is expected
to continue throughout 2013, underpinned by continued robust domestic
demand and some modest strengthening in external demand,” the IMF said.