IMF warns of 'downside risks" in Asia

Asia is expected to grow by higher-than-expected rates but "downside risks" have intensified in the region following financial turmoil in the eurozone area, the IMF warned on Thursday.

Asia is expected to grow by higher-than-expected rates but "downside risks" have intensified in the region following financial turmoil in the eurozone area, the IMF warned on Thursday.

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The Chinese economy should expand by 10.5 percent following strong rebound in exports and resilient domestic demand, the fund said, revising its April forecast of 10.0 percent.

India's growth this year was revised higher to 9.4 percent from 8.8 percent previously as robust corporate profits and favorable financing conditions fuel investment.

The expected rapid economic expansion of the world's two most populous nations was in line with higher growth forecast for the region as a whole.