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Asia is leading the world in recovery from the global economic crisis, Dominique Strauss-Kahn, Managing Director of the International Monetary Fund said on Wednesday. He noted that continued dynamism will give Asia an even greater role in the coming years.
According to Strauss-Kahn, Asia should adapt to the new challenges presented by the post-crisis economy to sustain its strong growth performance. It should also reduce its dependence on demand from outside Asia. "2010 is going to be a crucial year," he said. "The first year when countries can lift their eyes to the longer-term horizon."
The IMF expects the global economy to grow more than the projected rate of 3% in 2010. Strauss-Kahn said economic growth in Asia, excluding Japan would exceed 7% this year. "This means that many emerging market economies will be able to exit from crisis support measures sooner than advanced economies with monetary tightening generally preceding fiscal tightening," he added.
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