ADB-IMF meeting foresee Asia able to cope with global economic crisis

BANGKOK, July 19 (TNA) - A joint meeting of the Manila-based Asian Development Bank (ADB) and the Washington-based International Monetary Fund (IMF), held in Bangkok Thursday, projected that Asian nations, including Thailand, should be able to cope with the current global economic downturn, caused mainly by the persistent European debt crisis. Thai Permanent Secretary for Finance Areepong Bhoocha-oom said after the joint ADB-IMF meeting that Asian countries, including Thailand, were seen continue expanding their markets worldwide; so the ongoing global economic woes should affect them only slightly. Areepong acknowledged the joint ADB-IMF meeting also saw that over the past 10-20 years, Thailand and other Asian countries have prepared themselves well to cope with risk factors, including their management of public debts and excessive foreign exchange reserves. According to the senior Thai official, the IMF, therefore, predicted that the Asian nations, including Thailand, should survive the ongoing global economic downturn, and that the overall Asian economy should keep growing by over 6 per cent this year, despite a drop from some 7.5-per cent expansion last year. Meanwhile, Bank of Thailand (BOT) Governor Prasarn Trairatvorakul told reporters the joint ADB-IMF meeting was aware that the current economic problems in Europe have posed risks to several economies, but the economic fundamentals of the overall Asian economy appear to be different from those of Europe. Prasarn revealed that the IMF, thus, viewed Asian economies can continue to grow in accordance with the potential of each economy, as some Asian economies affected by the ongoing European debt woes have been prepared to cope with the problems, and that the Group of 20 (G20) are also preparing measures to cope with the global economic problems; so, Asian economies can keep progressing. According to the BOT chief, the IMF has, however, suggested that economic prosperity be distributed throughout Asia and regional people be empowered to participate more in regional economic development by being educated on financial knowledge and proper consumption, as knowledgeable people can generate more incomes and help support economic stability. (TNA)