In its June 2011 World Economic Outlook, the International Monetary Fund retained the projected gross domestic product (GDP) rate for the five major members of the Association of South East Asian Nations (ASEAN) - Indonesia, Malaysia, Philippines, Thailand and Vietnam - at 5.4% this year and 5.7% next year. "Growth in most emerging and developing economies continues to be strong," the IMF said, while slashing its projections for world economic growth to 4.3% from 4.4%.