01 Feb '11, 7am

Asia faces the risk of overheating and 'devastating' food inflation, said IMF chief Dominique Strauss-Kahn.

Asia faces the risk of overheating and 'devastating' food inflation, said IMF chief Dominique Strauss-Kahn.

DEVELOPED COUNTRIES ALSO AT RISK Concerns about rising debt in developed countries, meanwhile, have increased in recent months. Ireland was engulfed by Europe's debt crisis late last year, Greece continues to struggle despite a rescue package and many market watchers fear Portugal and Spain may be next. Last week Standard & Poor's cut Japan's credit rating and Moody's warned it may place a negative outlook on the United States unless it can reduce its gaping budget deficit. In Asia, the worries centre around inflation and analysts say central banks in countries such as Indonesia need to respond faster to contain rising prices. Mr Strauss-Kahn also said foreign exchange rate adjustments have an important role to play in addressing global economic imbalances and should not be resisted. 'Holding back such adjustment in one country also makes it harder, and more costly, for ot...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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