Central bankers see Asian 2000 growth 6.4 pc

[Ulhas Joglekar]

29 January 2000
Central bankers see Asian 2000 growth 6.4 pc
KUALA LUMPUR: Asian central bankers said the Asian economy is expected to
grow by 6.4 percent in 2000.
In a press communique issued at the end of its annual meeting in Kuala
Lumpur, governors from the 11-member South East Asian Central Banks (SEACEN)
organisation said resurgence of volatile fund flows was still a problem to
Asian recovery.
"Over the medium term, the region is expected to emerge from the crisis with
stronger economic fundamentals," the organisation said after a two-day
meeting.
"The growth rate in SEACEN is expected to increase to 6.4 percent in 2000,
while inflation would remain moderate at 6.7 percent," it said.
"The more urgent problem facing some countries is the resurgent of volatile
portfolio capital flows. In an environment of excess liquidity, this would
create pressure on both interest rates and the exchange rates for many
countries in the region.
"The governors agree to exchange views to assess the efficacy of inflation
targeting given the structure of the economies in this region," it said.
SEACEN comprises the central banks or monetary authorities of Indonesia,
Malaysia, Mongolia, Myanmar, Nepal, the Philippines, Singapore, South Korea,
Sri Lanka, Taiwan and Thailand.
Observers from Cambodia, Fiji, Papua New Guinea and Tonga attended SEACEN's
annual meeting, and Banco de Mexico governor Guillermo Ortiz appeared as a
guest speaker. (Reuters)
For reprint rights: Times Syndication Service
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