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Reforms and policies praised

IMF sees steady growth in Bangladesh
WASHINGTON. Apr 23: Asian output and exports rose strongly in 1901 while Infla tion held steady and the region is expected to sec a growth rate of 5.5 per cent a year In the short term, the IMF said Wednesday. reports AFP
But the IMF noted in Its world economic outlook report that the inflation performance of the region s last growing economies worsened further
Real output In Asia grew by an estimated 5.75 per cent in 1991. while exports In volume terms grew almost 13 per cent, nearly four times faster than the growth of world trade.
"A significant proportion of the Increase was due to growing Intra regional trade, espe dally exports to China and Japan.' the report said.
China's growth increase to seven per cent despite severe floods, aided by a bumper harvest and more flexible monetary policy, and the outlook for sustained growth was good, the report said
Regional inflation was fairly stable at 9.5 per cent in 1991, up from Just under nine per cent the previous year, and is forecast to slow to 7.5 per cent by 1993. the IMF said.
But the report noted that moderate inflation in some countries was offset by a worsening performance in the seven fast growing economies — Hong Kong. Indonesia. South Korea, Malaysia, Singapore. Taiwan and Thailand
This was the result of 'capacity constraints, labour shortages, and strong con sumption and Investment de mand arising from a long period of rapid economic growth", the report said.
It noted that In an attempt to counteract this problem Indonesia had tightened monetary policy. while South Korea took measures to control overheated sectors of the economy and Malaysia and Thailand combined tight credit conditions with measures to improve supply.
Higher oil prices as a result of the Gulf War had also had an effect on inflation, but the Middle East crisis had a wider effect on many regional economies some of which rely on exporting labour to that region.
The negative effect on Bangladesh. Pakistan and Sri Lankan was attenuated by structural reforms and prudent policies," the report said, but India and the Philippines were less resilient.
India also suffered from the collapse of the Soviet Union, previously a major trading partner, as well as a shortage of foreign exchange.
The largest IMF credit arrangement in 1991, outside Eastern Europe was stand-by credit for India totalling 2.3 billion dollar*
"Under present policies, growth is likely to be sustained in Bangladesh and Sri Lanka. Economic conditions tn India and the Philippines could improve markedly If their reform programmes are implemented as planned ”
The report said that developing countries economic conditions and credltworthl ncss were strongly dependent on the external environment, but added that "it has become increasingly evident in recent years that the most decisive determinants of a country * economic performance arc Its own structural and financial policies.
"The remarkable growth record of the four Newly Industrializing Economies In Asia (Hong Kong. South Korea. Singapore and Taiwan) is a frequently cited case in point."
The N1CS had generally fol lowed cautious fiscal and monetary policies to correct Imbalances, the report said, and developing countries which had experienced problems with their external deficits such as Indonesia. Malaysia -and Thailand had often failed to exercise fiscal and monetary control at home.
The report was released to coincide with the spring meet Ing of the Washington-based IMF and the World Bank here.