Report shows: Asia-Pacific economic growth is weak in 2013

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), published in the report “Asia and the Pacific Economic and Social Survey 2013: Forward-looking Macroeconomic Policies for Inclusive and Sustainable Development”, pointed out that compared with before the international financial crisis , the Asia-Pacific economy...
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), published in the report “Asia and the Pacific Economic and Social Survey 2013: Forward-looking Macroeconomic Policies for Inclusive and Sustainable Development”, stated that compared with the pre-international financial crisis, The growth of the Asia-Pacific economy continues to be weak, in part because of continued economic weakness and uncertainty in developed countries, as well as structural problems in many economies in the region. Hong Pingfan, head of the Global Economic Monitoring Center of the United Nations Department of Economic and Social Affairs, pointed out at the launching ceremony of the report in New York that there was no strong recovery in the real economy.

The ESCAP study pointed out that the Asia-Pacific region is at a threshold, and the continued decline of the global economy has exposed the weaknesses of the unsustainable development model, that is, while the economy is developing rapidly, inequality and depletion of natural resources are increasing. The report argues that the “first growth, redistribution, and post-governance” model is unacceptable, and calls for policy development should focus on sustainable development.

Hong Pingfan said that some European countries are still in recession and no real growth is expected in 2013. Japan has taken some bold policy actions to try to get the economy out of sustained deflation, but the outcome of these policies is still uncertain. The uncertainty of fiscal policy has made the growth prospects of the United States under the cloud. At the same time, several large developing countries with slower growth in 2012 have not completely shaken off the slowdown.

The report emphasizes that large-scale unconventional monetary easing policies implemented by major developed countries have caused some to worry that it may have a negative impact on the financial and macroeconomic stability of developing countries. Since the outbreak of the international financial crisis, the economic policy uncertainty in the Eurozone and the United States has reduced the region’s gross domestic product by 3%, or $180 billion in output losses. The report predicts that China's growth rate will increase slightly this year, from 7.8% in 2012 to 8%, while India is expected to rise from 5% last year to 6.4% in 2013. Economies such as Afghanistan, Bangladesh, Bhutan and Sri Lanka are expected to grow by 6% or more in 2013. Indonesia will receive a strong growth of 6.6%. The Philippines and Thailand will grow by 6.2% and 5.3%, respectively, while Vietnam's economy is expected to rebound to 5.5% in the second half of 2013. Reported by New York reporter Zhang Wei

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