Seoul: The IMF said on Thursday the economies of India, China and Australia were recovering especially rapidly, suggesting it notices growing pressures for authorities there to tighten monetary policy ahead of others in the region.
"In a few special cases...the recovery is advancing so rapidly that output gaps are already starting to close and pressures are already emerging," the International Monetary Fund said in a regional economic outlook report, released in Seoul.
It called the three economies special cases, while adding a tightening of monetary policy seemed unnecessary elsewhere in the region in the near future.
It also advised Asian central banks not to raise interest rates only to calm asset price growth, saying lifting rates ahead of advanced economies could attract "carry trade-type" capital inflows and aggravate asset price pressures.
"For all these reasons, it would seem preferable, at least initially, to address incipient asset price pressures through targeted prudential measures rather than the blunt instrument of monetary policy," it said.
The Washington-based organisation did not specify economies facing particularly serious asset price pressures.
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