For the time being, there is little evidence that the financial market turbulence seen since early August 2007 has strongly influenced the overall dynamics of broad money and credit aggregates.
Moreover, the growth of East Asian economies at present is likely to be slowing at least temporarily, due mainly to the deceleration of domestic demand in South Korea and the epidemic of severe acute respiratory syndrome (SARS). In this situation, for the time being, exports are projected to be slightly weak or flat and industrial production is expected to remain virtually level.