In Asia, for a long time we have been in denial about the sustainability of high oil prices. There is tremendous potential for Asia to improve efficiency.

The healthy expansion is expected to continue drawing on strong internal dynamics, particularly, growth in the PRC and structural improvements in South Asia.

Despite all of this, we continue to be cautiously optimistic on developing Asia.

We are seeing a huge increase in all import bills. Some of them are beginning to feel pressure on the external balance of payments. Fiscal strains in India, Indonesia, Bangladesh are particularly huge.

We are already witnessing major strains in many of our developing countries,

I think this is an issue that should not be politicized but has to be addressed with clinical objectivity.