Regional Outlook September 2005: Asia Pacific Department

Asia’s economic performance in recent years has been impressive. Despite considerable obstacles, including the legacy of the 1997–98 crisis and more recently surging oil prices, Asia’s economic growth has been the fastest amongst the major regions in the world. Since 1999, growth in the region as a whole has averaged 5½ percent per year, with growth in emerging Asia averaging 6¾ percent per annum. As a result, Asia accounted for nearly half of world economic growth over this period. Meanwhile, inflation in the region has remained low and the external position strong.