Asia and Pacific Regional Economic Outlook

May 2006

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This report gives the IMF's view of the outlook for Asia, identifies the main risks to growth, and considers the key factors that will influence capital inflows. The REO also hones in on the policy challenges facing the region, especially the need to spur domestic demand, so that growth becomes more balanced and sustainable—and helps reduce the large global current account imbalances.

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Executive Summary
I. Recent Developments and Outlook
II. Financial Developments in Emerging Asia
III. Macroeconomic Policy Issues
IV. Asia's External Imbalances
V. Asia's Investment Decline
VI. Rebalancing Growth in China
1. The Revival of Japan
2. Australia and New Zealand: Developments and Outlook
3. The ASEAN-4 and the Electronics Cycle
4. The Impact of Oil on Growth
5. The Consumer Finance Boom: Is it A Problem?
6. Dealing With Avian Flu
7. The End of Quantitative Easing in Japan—Implications for the Yen Carry Trade in Emerging Asia
8. The Boom in Asian External Corporate Bonds
9. Regional Financial Integration Initiatives—An Update
10. Are Regional Trade Agreements in Asia Open or Closed Blocs?
11. Asia's Investment Decline: Is it Real?