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Southeast Asia hurt

Southeast Asia hurt

Washington-Southeast Asia will face stiffer

export competition from China and likely bear the brunt of any impact in Asia

from a major economic slowdown in the United States, an IMF official said. A

recession in the United States, anticipated by some economists as a result of a

current housing slump and related credit crunch, will obviously lead to a

cutback in exports by Asia's rapidly-growing economies, led by China. Steven

Dunaway, deputy director of the IMF Asia and Pacific department, said there

could be a half to a full percent decline in Asian economic growth. "There will

be much more of an impact in Southeast Asia," which faces direct competition

from China in terms of a number of export products, he said.

Dunaway

said Asia's exporters will have to compete for a piece of "a smaller pie" if US

imports shrïnk. He raised the possibility of China slashing prices to remain

competitive. Cambodia's growth was estimated at 9.5 percent in 2007, reflecting

a slowdown in the export of garments to the U.S. (Source: AFP )

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