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Sugisaki optimistic : Asia economic recovery sustainable |
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June 17, 2000
VIENNA, (AP) - The general economic uptrend currently observed in Asia is sustainable, though sound economic developments in Japan and the U.S. remain crucial, Shigemitsu Sugisaki, a deputy managing director of the International Monetary Fund, said Friday.
Speaking to Dow Jones Newsires on the sidelines of an economic conference hosted by the Austrian Central Bank, Sugisaki said he was "optimistic" that Asian countries, including those severely hit by the region's financial crisis in 1997, will continue to keep the economic momentum going.
"The general economic uptrend currently seen in South Korea, Thailand, and others which weren't hurt so much by the Asian crisis, such as Malyasia and Singapore, is sustainable," he said.
"Current environment surrounding the region leads me to believe this favorable situation will continue," he said.
But Sugisaki cautioned that the "very modest" recovery in Japan and future economic developments in the U.S. are key risk factors to the sustainability of economic growth in Asia.
It's also crucial that Asian countries put more effort into their debt restructuring in the corporate and banking sectors, Sugisaki added.
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