(5 May 2011 − Global) The International Monetary Fund (IMF) said the recovery of the world economy was proceeding at a faster pace than had been expected late last year.IMF Asia-Pacific director Anop Singh said that the global recovery remained patchy over all, with uncertainties that could pose downside risks.
He said that there was room for currency appreciation in the Asia-Pacific region and that there was a need for further policy tightening throughout the region.
‘The Asia growth outlook remains strong but there are overheating pressures,’ Mr Singh told economists at a briefing with the Reserve Bank of Australia.
He added the high price of oil won’t damp Asia growth too much and the outlook for Australian commodity exports remained strong.