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Asia’s time has come for global economy: IMF head

13 July 2010 08:42 (UTC +04:00)

Baku - APA-Economics. Asia has emerged as a global economic powerhouse from the recent worldwide financial crisis," IMF Managing Director Dominique Strauss-Kahn told a conference that kicked off in Daejon, South Korea, Economic Times reported.

Asia’s time has come...No one can doubt that Asia’s economic performance will continue to grow in importance.

His emphasis on Asia’s role in the international community comes after the IMF recently projected that the economy in the Asian region will grow 7.75 per cent this year, a much faster rate compared with the around 4.5 per cent predicted for the global economy.

Strauss-Kahn, however, noted that countries in the region should guard against future possible outside shocks at a time when downside risks linger, such as the recent fiscal debt problems in Europe.

The IMF chief also emphasized that Asia should nurture its domestic investment and consumption as its "second engine of growth," saying that it would be more crucial when its traditional means of growth, such as exports to advanced nations, are now facing a slump.

Asia’s role in the global economy needs to be reflected in voice and representation in global financial institutions, he noted, adding that his organization is "now working to complete the realignment of voting power by the end of November this year."