Meanwhile, Asia still faces various challenges on its way forward, said Strauss-Kahn, pointing out that it needs to expand trade within the region as well as with other parts of the world.

Vulnerability in the financial sector and fiscal status are also counted as challenges Asia is confronting while it tries to share leadership in the global economy, according to the IMF.

Amid risks and challenges, Asian countries are in need of developing the so-called "2nd engine of growth," the IMF said.

Among many that have been discussed during the conference, most frequently brought up was the issue of domestic consumption, which was diagnosed to be weaker than it should be.

Calling some of Asian economies too export-driven, Chin Dong- soo, head of South Korea's financial watchdog Financial Service Commission (FSC), said that they should pay more attention to boosting up domestic consumption.

The IMF head echoed the point, saying Asia needs to nurture domestic consumption, while adding that countries need to focus on how to solve social imbalances and the poverty issues.

Asian countries, on the other hand, were also urged to join the IMF-led global economic policies, said Strauss-Kahn.
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