Asian economies can withstand Thai shock: IMF

Singapore, Sep 20: Asian countries are resilient enough to withstand external shocks, the International Monetary Fund said today in a statement issued after a military coup in Thailand.

''On the whole, Asian economies are resilient to external shocks, having strengthened their macroeconomic frameworks, increased exchange rate flexibility and reduced external vulnerabilities in recent years,'' IMF Managing Director Rodrigo Rato said in the statement.

''Thailand's economy is fundamentally strong and financial market reactions have been limited,'' he added.

Thailand's armed forces seized power in Bangkok late yesterday, dismissed Prime Minister Thaksin Shinawatra's government, revoked the constitution and promised a swift return to democracy after political reforms.

Coup leaders ordered the Thai stock market to close for a day today but the Thai baht, which suffered its biggest one-day fall in three years yesterday, remained under pressure.

Reuters