Uncertainties remain:
Asia-Pacific leads global recovery - UN
While the Asia-Pacific region is leading the global economic
recovery, with the growth rate in 2010 forecast at 6.3 percent the
highest in the world, considerable uncertainties remain about the extent
and durability of the recovery, said a key United Nations report.
The Economic and Social Survey of Asia and the Pacific 2009: Year-end
Update, released in Bangkok, states that recovery to pre-crisis levels
in Asia and the Pacific is dependant to a large extent on developments
that are outside the region. Recovery of consumption demand in developed
countries will be key to the region’s exports.
At the same time, within the region, countries need to take advantage
of the shift in global growth to Asia and the Pacific, the report said.
Asian-Pacific countries need to guard against premature withdrawal of
existing supportive policies and boost intra-regional cooperation to
improve the ability to insulate themselves from and better weather
crises in the future.
“The aftermath of the crisis has revealed the shifting axis of global
growth to within the region and the need to devise regional supporting
mechanisms through greater macroeconomic, trade and investment
integration”, said Economic and Social Commission for Asia and the
Pacific (ESCAP) Chef Economist Dr. Nagesh Kumar.
“Asia and the Pacific also must take a leading role commensurate with
its importance in the global economy in discussions on reforming the
international institutional and regulatory architecture,” Dr. Kumar
said.
The report examines the progress in and changes to the region’s
economic performance since the launch of the Survey “ESCAP’s flagship
publication” in March 2009.
Among major economies of the region, China is forecast to experience
the fastest growth in 2010 of 9 percent, driven by public and private
investment.
The domestic-demand led economies of India and Indonesia are also
forecast to grow fast, at 7.5 percent and 5 percent, driven by domestic
consumption and investment.
Major export-led economies are expected to experience substantial
growth recovery next year, although not to the levels seen before the
crisis: Singapore (3.5 percent), the Philippines (3.5 percent), Taiwan
Province of China (3.5 percent), Thailand (3.0 percent), and Malaysia
(2.5 percent).
Bangkok (UN/ESCAP Information Services) |