ASEAN economic ministers expects bloc's growth at 5.1 percent for 2015

The economic ministers from the 10 nations of the Association of Southeast Asian Nations (ASEAN) on Sunday expressed confidence that the region's economy will grow 5.1 percent in 2015, above the 3.5 percent global growth projection.

A statement issued at the end of the 21st ASEAN Economic Ministers' Retreat said "We expect ASEAN's economic performance to improve in 2015 to 5.1 percent. We based this on the stronger demand in advanced economies energized by the robust U.S. recovery ad several policy stimulus measures in the Eurozone and Japan."

The ministers said the region's domestic demand could get a further boost from falling oil prices with higher purchasing power for ecosumers, lower input costs for producers and greater fiscal space.

However, the ministers cautioned that falling oil prices could affect export earnings and government revenues for net oil- exporting economies in ASEAN.

They also expressed their concerns posed by currency volatility, including possible capital flow reversals. Enditem