04:15 ET<\/span><\/span><\/p>\nAsia-Pacific will see robust growth but some economies risk overheating, the International Monetary Fund (IMF) has warned.<\/p>\n
The IMF said it expects the region to grow by close to 7% in the next two years.<\/p>\n
However, it added the rapid rate of growth may further fuel inflation.<\/p>\n
A number of countries across the region are struggling to control prices which are making life difficult for millions of people.<\/p>\n
According to the IMF high food and fuel prices pushed the regional inflation rate to 4.5% in February.<\/p>\n
It said that central banks in the region may need to tighten their monetary policy if prices continue to rise.<\/p>\n
It added that more flexible currencies would help ease overheating risks.<\/p>\n
It also said that it expected Japan’s earthquake to have a “limited” impact on the rest of Asia but warned the situation was still uncertain.<\/p>\n
‘Pockets of overheating’<\/span><\/p>\nThe report warned that some countries were at risk of overheating – when a prolonged period of rapid economic growth causes high levels of inflation and excess production that eventually hurt the economy and may cause a recession.<\/p>\n
“Asia’s rapid growth is accompanied by the emergence of pockets of overheating across the region in both goods and assets prices,” the IMF said.<\/p>\n
“In addition to higher policy rates, exchange rate flexibility is a key line of defense against overheating pressures,” the report added.<\/p>\n
However, the IMF said that despite rising food and housing costs, it was premature to say that China’s economy was actually overheating.<\/p>\n
China has raised interest rates four times since October and the country’s leaders have said that clamping down on inflation, which is at its highest level in more than two-and-a-half years, is their most important task this year.<\/p>\n
But while a stronger currency could help ease inflation by making imported goods such as oil cheaper, analysts say China is likely to let its tightly-controlled currency appreciate only gradually.<\/p>\n
The IMF also warned that there was a risk of a property bubble developing in Hong Kong, although it noted that the government was taking steps to guard against this prospect.<\/p>\n
Hong Kong property prices have risen almost 10% this year and now beyond their 1997 peak but the market is expected to slow as the government makes more land available and as mortgage rates increase.<\/p>\n<\/div>\n
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