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IMF sees Asian growth hitting 6pct in 2012

The International Monetary Fund said that Asia will register overall economic growth of about 6% in 2012 despite Europe’s ongoing crisis.

The IMF's World Economic Outlook said that "Resilient domestic demand in China, limited financial spillovers, room for policy easing and the capacity of Asian banks to step in as European banks deleverage suggest the soft landing under way is likely to continue."

The region grew 5.9% in 2011 and was projected to grow 6.5% in 2013, led by China and India.

IMF said that China’s economy was projected to grow at a slower rate of 8.2%in 2012, led by domestic consumption and investments, while India’s growth is estimated at 6.9%, slowed by higher interest rates and lower external demand.

Thailand, where exports took a double hit in the last quarter from floods that interrupted supply chains and declining demand in Europe, was projected to show renewed growth of 5.5% in 2012 and 7.5% in 2013 bolstered by the government's THB 350 billion reconstruction budget.