IMF says ASEAN to see contraction then growth
July 15, 2009 by: editorThe International Monetary Fund says that the ASEAN 5 countries – Malaysia, Indonesia, Thailand, Vietnam and the Philippines – will see economic contraction of 0.3 percent in the months ahead, but next year are likely to see growth of 3.7 percent.
The IMF says that the world economy is stabilising and that signs of early recovery are appearing but it adds, “the recession is not over and recovery is likely to be sluggish.”
In its World Economic Outlook, the IMF warns against complacency and says, “continued policy efforts are needed to stave off the chance that some of the recent gains could yet be reversed.”
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