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Good IMF grades to Bangladesh

Asia-Pacific chief speaks on regional economies in Washington

ARUN DEVNATH, from Washington
The International Monetary Fund has said it is not concerned over Bangladesh's economic performance as the growth rate is hovering around 6 percent.
"Due to the political conflict last year, the growth rate was a little lower. Now it seems things are going normal. I hope Bangladesh can go on the higher than 6 percent growth path," Changyong Rhee, director of IMF’s Asia-Pacific Department, said at a media briefing in Washington yesterday.
“The 6 percent growth rate or close to 6 percent is
not a bad performance and that is not a very low level either, ” Rhee said.
"We are not very concerned about Bangladesh's growth. I would rather focus on reforms in the textile industry and banking problems," he said without elaboration.
“I would not overemphasise that we have to look back to the previous years when all growth rates in Asia were high. In trying to go back, we should not over-stimulate our economies. I think a 6 percent growth rate is a reasonable number," he said. The economic outlook for Asia is one of steady growth, Rhee said as the Spring Meetings of the IMF and World Bank took off yesterday in Washington.
Bangladesh's GDP growth prospects are slightly brighter than its Asian peers: the IMF expects Asian growth to improve to 5.4 percent in 2014 and 5.5 percent in 2015, up from 5.2 percent last year.
Asia will remain the global growth leader, as Rhee said the main growth drivers are improved external demand, which has lifted exports, healthy labour markets and robust credit growth.
"The latter has helped keep financial conditions relatively accommodative despite the rise in interest rates in many economies."
"But this general trend masks increasing sub-regional diversity across Asia-Pacific," he said.
In China, growth is expected to slowly decelerate to a more sustainable path but should still reach 7.5 percent this year, with investment still remaining a major driver, according to an IMF forecast.
Japan's growth is expected to remain above the trend as a whole, despite the increase in consumption tax in April.
Economic growth in India will
remain below the trend but should improve to 5.4 percent in 2014, as exports benefit from improved competitiveness and global growth. India's inflation will remain relatively high at 8 percent this year, but price pressures have already receded and may remain on a downward path.
For the Asean region, growth is expected to be broadly stable at 5 percent this year, with the Philippines and Malaysia doing relatively well.
Thailand is an exception: political tensions have hurt sentiments and the economy may slow to 2.5 percent in 2014 as private demand
weakens and public investment plans are delayed, the IMF said.
The balance of downside risks has shifted away from acute external risks toward domestic, idiosyncratic risks, Rhee said.
"As in the past, the region should continue to capitalise on stronger growth in advanced economies. But the outlook for the region will also be influenced by how successfully policymakers continue to tackle vulnerabilities and by how effectively reforms are implemented," he said.
"In our view, Asia's growth momentum is set to continue with vigilance and reform.”