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India will grow 8%, Asia will slow
By agencies
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Friday, 06 May 2005, 19:30 IST
ISTANBUL:India will be one of the main drivers of Asian economic growth, even as high oil prices, high interest rates and weak export markets will slow down other countries in the region, the IIF said.
India's economy will grow by 8 percent, even better than the 6.9 percent it saw in 2004, the report said adding that the region's other major economies like South Korea, Indonesia, Malaysia and Thailands growth will slow down, the Institute of International Finance said.
"The average growth rate for the other leading Asian emerging market economies is forecast at 4.4 percent, down from 5.3 per cent in 2004," an IIF statement said.
"High global oil prices and the upward trend in U.S. interest rates translate into slower growth for the region," the statement said.