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Asian exports shifting to new markets
growth should reach 7.4 per cent in 2009.

The Korean trade data indicated that exports to the US remained surprisingly robust, a key consideration for the country’s technology companies. In its report, the World Bank said that world demand is ”likely to be reflected in weaker East Asian export growth in the coming months.”

”However there is little in the data so far to suggest a steep high-tech-led downturn of the 2001 type,” it said.

A strong fiscal position and high foreign exchange reserves could also give most East Asian countries the means to stimulate their economies with one-shot measures such as tax relief if the economic slowdown becomes more pronounced, the bank said.

The World Bank warned that inflation was a more immediate threat to East Asian countries than the global slowdown or a further credit squeeze linked to the collapse of the US subprime market. ``In virtually every East Asian country, inflation is climbing to uncomfortable levels while monetary and credit growth is difficult to contain owing to substantial capital

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