The International Monetary Fund has increased its growth forecasts for Asia to 2.8% for 2009 and 5.8% for 2010. Both forecasts are 1.5 percentage points higher than the IMF's predictions in May. "Just as the U.S. downturn triggered an outsized fall in Asia's GDP because international trade and finance froze, now their normalization is generating an outsized Asian upturn. For this reason, the rebound in economic activity has been fastest in the export-dependent Asian economies that were hit most severely at the end of 2008," the IMF said.
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