External shocks to take their toll on Asia next year

Not surprisingly, the International Monetary Fund expects growth in Asia to slow sharply in the coming year.On an annual average basis, growth in Asia is projected to slow from 7.6% in 2007 to 6% this year and 4.9% in 2009, according to the IMF's regional economic outlook for Asia-Pacific report released earlier this week."With the recent intensification of the global financial turmoil, any hopes that Asia would escape the crisis unscathed have evaporated,ö says Jerald Schiff, a senio…