Asia could be in for financial crisis or crash landing, officials warn
Problems brought by credit-fuelled growth may be bigger threat to region than US tightening
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Tokyo
CREDIT-FUELLED growth could end up producing financial crises in some Asian economies, a senior IMF official warned on Friday, while suggesting that this could be a greater threat to the region than any potential turbulence brought by monetary tightening in the US.
Changyong Rhee, director of the International Monetary Fund's Asia and Pacific department, said: "Many countries have relied on fiscal and monetary stimulus to produce credit- fuelled growth (and this could lead to) financial crises."
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