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Eurozone development not a major factor affecting Asia Pacific growth: S&P

[MUMBAI] Eurozone developments will not be a major factor affecting growth in the Asia Pacific, said Standard & Poor's sovereign rating analyst Takahira Ogawa on Friday.

"The region has not been a big contributor of growth and exports for East Asia or for Asia Pacific for many years already," Mr Ogawa said in a webcast on Asia-Pacific 2015 sovereign rating trends.

On India, Mr Ogawa said economic growth and external balance are likely to be impacted if domestic demand for gold rises following the easing of import curbs.

India scrapped its gold import rules linked to exports in November, taking comfort from a narrowing current account deficit which however has not yet pushed up the demand for the yellow metal sharply.

India's economic growth, which has been below 5 per cent for two years, will not improve "significantly" despite the sharp decline in global oil prices, Mr Ogawa said.