Mission for ‘Frontier Asia’
Region’s newest emerging economies are a diverse group with great promise, but they must avoid traps similar to the ones that snared some of their peers in 1997, says the IMF.
The economic future of Asia remains bright despite slight slowdowns that may emerge from time to time, but countries need to control the volatility of fund inflows, says a senior IMF official.
“They have very good prospects for the future. These markets are enjoying about 6% [annual] growth at this moment and there’s huge potential to be the next engine of growth for the global economy,” said Naoyuki Shinohara, the deputy managing director of the International Monetary Fund (IMF).
The prospects for “Frontier Asia” in particular were very good, he said in a recent interview with Asia Focus. With a combined population of 350 million people, Frontier Asia is increasingly playing an important role within Asia and the world.
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