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With challenges ahead, Asia fares well in full economic recovery

07-01-2010 16:19 BJT

HONG KONG, July 1 (Xinhua) -- Halfway through 2010, the Asian economy is well into the recovery phase as many economists had predicted, and driven by brisk export growth, the region is leading the global economy out of worst recession in decades.

In the midst of a multi-speed global recovery, Asia is gaining an ever-increasing role. "Asia is obviously becoming more and more important in the global economy," said Min Zhu, Special Advisor to the International Monetary Fund's Managing Director, in a recent interview by the IMF's External Department.

"The center of growth is moving from the West to Asia, and in particular emerging Asia. I think that's a pattern that will continue for at least the next five years, which will change the whole global economic structure," Zhu said.

But Asia's economic growth is not without its woes: the European financial crisis could drag down the region's growth momentum if it worsens further and the region is still struggling to find a more balanced model of growth.

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