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Thursday, the International Monetary Fund raised Asia's economic outlook saying that the region is rapidly rebounding from the depth of the global crisis.
It now predicts Asia's gross domestic product or GDP to grow 2.8% this year and by 5.8% next year. In May, the IMF had predicted Asian growth will decelerate to 1.3% in 2009 before rebounding to 4.3% in 2010.
"The primary driver of Asia's recovery has been a progressive return towards normalcy following the abrupt collapse in global trade and finance at the end of 2008," the IMF said in its latest regional economic outlook. According to the report, the other key driver of Asia's recovery has been the region's rapid and forceful policy response.
The international lender also raised its outlook for Singapore to show a 4.3% expansion in 2010 after contracting by 1.7% this year. In its world economic outlook released on October 1, the IMF had said Singapore GDP would rise 4.1% in 2010 after falling 3.3% this year.
Moreover, it said output in the large G7 economies is forecast to grow by 1.3% next year, recouping only half the contraction estimated for 2009, because private demand in these countries remains constrained by the legacy of the crisis.
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