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M2 PRESSWIRE-27 July 2007-Asian Development Bank: Surging East Asian Capital Inflows a Big Concern, Says ADB Report(C)1994-2007 M2 COMMUNICATIONS LTD
RDATE:27072007
HONG KONG, CHINA - Continued strong growth in the People's Republic of China and only slightly moderating expansions in the newly industrialized economies and most of ASEAN should lead emerging East Asia to robust 8.1% GDP growth in 2007 and 7.9% in 2008, says a new report issued by the Asian Development Bank (ADB).
As the region steams along, however, surging capital inflows--which reached a record $269 billion in 2006--brought with them increasing pressures for currency appreciation and fast-rising asset prices, leaving authorities with a new set of macroeconomic challenges to manage, says the July issue of the Asia Economic Monitor.
"Already this year the Thai baht (offshore) is up over 17.6% and the Philippines peso over 9%, while equity markets have been rising fast and showing increasing signs of volatility," says Jong-Wha Lee, Head of ADB's Office of Regional Economic Integration (OREI).