Asia-Pacific economies grow

IMF chief economist Maurice Obstfeld said in a press conference broadcast live from Washington DC, United States on Tuesday at 09:00 AM local time the number was slightly higher than the IMF's estimate in July 2016 at 4.1 percent and was expected to reach 4.6 percent in 2017.

"Overall, Asia-Pacific continues to show resilience amid the global slowdown," he stated.

Despite the growth, the IMF noted that there were significant resilience differences among developing economies in the regions.

In the Asia-Pacific Region, Chinas economic recovery remained the main factor influencing the economies of surrounding developing countries, including through government policies continuing to shift their dependence from investment and industry towards consumption and services.

The policy was estimated to slow down short-term growth, but at the same time could build a foundation for long-term more sustainable economic expansion.

However, Obstfeld stated that the Chinese government must act quickly to control credit, which is "increasing at an alarming pace", and to stop granting capital to unprofitable state-owned companies.

Amidst the recovery, the IMF estimated that the Chinese economy would grow 6.2 percent in 2017, lower than the 6.9 percent growth rate in 2016.

To increase growth amidst the global slowdown, the IMF encouraged developing countries to continue reforming structurally in order to increase job creation, adaptability of job specialization, and to reduce trade barriers.

The IMF will be holding a press conference regarding economic estimates for Asia-Pacific region countries, including Indonesia, on Thursday (Oct 6).

Editor: Ade Marboen

http://www.antaranews.com/berita/588429/ekonomi-asia-pasifik-bertumbuh