SOUTH KOREA: IMF head Dominique Strauss-Kahn says double-dip unlikely with Asia leading global economic recovery

Record ID: 473809

  • Title: SOUTH KOREA: IMF head Dominique Strauss-Kahn says double-dip unlikely with Asia leading global economic recovery
  • Date: 14th July 2010
  • Summary: KAHN PANELIST JOURNALISTS PANELIST HARUHIKO KURODA, PRESIDENT OF ASIAN DEVELOPMENT BANK.
  • Embargoed: 29th July 2010 13:00
  • Keywords:
  • Topics: Economic News
  • Reuters ID: LVAAO4FVXGLNSIF8UMFVWXTSPK9J
  • Story Text: IMF head Dominique Strauss-Kahn said on Tuesday (July 13) the global economy is faced with few risks of a double-dip recession, helped by strong growth in Asia and Latin America.
    South Korea's Finance Minister Yoon Jeung-hyun also provided an optimistic view on the global economy, saying the recent slowdown in the U.S. and China's economy is temporary.
    "We expect 2011 to be a little lower than the level of 2010, but all this is too far from any kind of double-dip, that fact that growth is bit higher or bit lower, subject is totally different from any kind of double-dip," said head of the International Monetary Fund (IMF) Dominique Strauss-kahn at a joint news conference after an international conference.
    The two-day conference was co-hosted by the IMF and the South Korean government under the theme of "Asia 21: Leading the Way Forward."
    Regional policy-makers and high-ranking IMF officials participated in the conference in Daejon, south of Seoul, to discuss the future role of Asian countries after the global economic crisis.
    Strauss-Kahn also said Asia has led the recovery of the global economic crisis.
    "Let me start with underlining the leadership of Asia in the global economy increasing role that Asia is playing. This has to do with resilience of the crisis it also comes from the fact that the Asia leading the recovery," Strauss-Kahn added.
    South Korea's Finance Minister Yoon Jeung-hyun also said Asia was expected to lead a global economic recovery for a while.
    "During the recent economic crisis, the Asian economy has spear-headed the global economic recovery with appropriate stimulus packages and sound macro-economic condition," said Minister Yoon at the news conference.
    Finance Minister of Singapore Tharman Shanmugaratnam, Finance Minister of Thailand Korn Chatikavanij, President of Asian Development Bank Haruhiko Kuroda, CEO of Standard Chartered PLC Peter Sands and Governor of Bank of Korea Kim Choong-soo also attended the conference.
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