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Asia set to lead the way in economic growth

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Asia set to lead the way in economic growth
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Asia is set to lead the way in a post recession economic order. That’s the view of the International Monetary Fund’s chief. He predicts growth exceding seven percent double the estimates for projected global recovery which he believes is stronger than expected. He was addressing the Asian Financial Forum during two days of dialogue.

“The transformation has been huge and the share of Asia in the global economy has raised a lot. Helping hundreds of millions to escape poverty and in front of us, we have the possibility of sustained growth, helping one billion people to get out of poverty,” said Dominque Strauss-Kahn, Managing Director of the IMF.

His optimistic forecast was made on the day Chinese banking authorities have instructed some major banks to curb their lending power over the rest of this month.

There was a surge of new lending at the start of the New Year. It came on the back of a record year in 2009 for loans in China. The move to stop lending comes amidst fears of their economy overheating.