But it warned the "initial signs of a slowdown" in the sector had already appeared, including "sharp corrections" in high-tech stocks, a weakening of the U.S. purchasing managers' index for manufacturing and a substantial drop in China's imports of electronic goods.
The Fund added that China's diminishing appetite for electronics coupled with tighter profit margins were likely to have particularly "negative repercussions" for South Korea and Taiwan, which supply parts and components to Chinese manufacturers.
It also noted that the rapid pace of capital equipment spending risked leading to excess supply in some segments, "especially flash memory, with expected falls in prices and profit margins."
More serious for the region, particularly export-dependent economies like Thailand and Malaysia, is a prolonged slowdown in the U.S. market. But the IMF added that the impact of a downturn could be softened somewhat by higher consumption in China.
In addition, South Korea and Taiwan "have become more resilient to the tech cycle by establishing their own niche markets and brand names," the report said.
The IMF also said long-term prospects for memory chip producers remained promising, with the impending release of Microsoft's Windows Vista operating system and rising DRAM usage in mobile phones and gaming applications could also boost sales.
The IMF estimates that Asian producers would capture nearly 50 percent of the global semiconductor market by 2009, with Japan, South Korea and Taiwan being the major beneficiaries.
We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
2017 State of IT ReportIn today's technology-driven world, "innovation" has become a basic expectation. IT leaders are tasked with making technical magic, improving customer experience, and boosting the bottom line -- yet often without any increase to the IT budget. How are organizations striking the balance between new initiatives and cost control? Download our report to learn about the biggest challenges and how savvy IT executives are overcoming them.
Infographic: The State of DevOps in 2017Is DevOps helping organizations reduce costs and time-to-market for software releases? What's getting in the way of DevOps adoption? Find out in this InformationWeek and Interop ITX infographic on the state of DevOps in 2017.