The new issue of the IMF’s Finance & Development magazine explores how Asia is moving into a leadership role in the world economy. Anoop Singh, Director of the IMF’s Asia and Pacific Department, says that, based on expected trends, within five years Asia’s economy will be about 50 percent larger than it is today and be comparable in size to the economies of the United States and Europe.
The issue looks at Asia’s biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region’s second-biggest economy, India, which has a highly developed services sector.
Filed under: Asia, Economic Crisis, Emerging Markets, Financial regulation, Fiscal Stimulus, Globalization, International Monetary Fund | Tagged: Anne-Marie Gulde, Anoop Singh, Azim Sadikov, Bas B. Bakker, central banking, China, Dominique Guillaume, Duvvuri Subbarao, Eswar Prasad, Europe, Harald Finger, India, Jang Hasung, Linda Yueh, Markus Brückner, Min Zhu, Mohamed A. El-Erian, Olaf Unteroberdoerster, Rabah Arezki, Randall Dodd, Roman Zytek, Sanjay Kalra, United States, William Poole | 1 Comment »