ID :
187025
Tue, 06/07/2011 - 14:56
Auther :
Shortlink :
https://oananews.org//node/187025
The shortlink copeid
ASIA AND THE PACIFIC LEAD GLOBAL ECONOMIC RECOVERY BUT THREATENED BY HIGH FOOD AND FUEL PRICES
KUALA LUMPUR, June 7 (Bernama) -- Asia and the Pacific, more than any
other region in the world, will experience greater transformation and change in
the coming years, as the region's economic strength plays a greater role in the
global economy, says the United Nations Economic and Social Commission for Asia
and the Pacific (UN ESCAP).
It also said in its recently released, "UN ESCAP Economic and Social Survey
of Asia and the Pacific 2011" report, that the Asia Pacific remains by far the
most dynamic growth region in the world and the locomotive of global growth.
"Its growth rate this year will be nearly one and a half times more than any
other region.
"While the region is led by the powerhouse developing economies of China and
India, growing at 9.5 per cent and 8.7 per cent respectively, growth in 2011 is
broad based at more than five per cent across the Asia-Pacific's sub-regions,"
it added.
The UN ESCAP in the report said that the Asia Pacific region recovered
strongly in 2010 from the global financial crisis and recession of 2008-2009
with the region's developing economies growing at 8.8 per cent.
"In 2011, growth in the developing economies of the region, is forecast to
be at 7.3 per cent," it added.
The report also said that despite the promising economic growth
figures, the Asia-Pacific remains vulnerable to the risks posed by volatile
short-term capital flows, and the resurgence of food and fuel price inflation as
well as natural disasters such as the tragic March 11 disaster in Japan.
"High food prices have a direct impact on the region's poor, while high oil
prices significantly reduce economic growth.
"For the poorest and most populated countries, high food and fuel prices
will slow the effects of high economic growth, to help families out of poverty,"
it added.
The report also recommended the countries in the region to take immediate
policy steps to moderate the impact of rising food and fuel prices.
other region in the world, will experience greater transformation and change in
the coming years, as the region's economic strength plays a greater role in the
global economy, says the United Nations Economic and Social Commission for Asia
and the Pacific (UN ESCAP).
It also said in its recently released, "UN ESCAP Economic and Social Survey
of Asia and the Pacific 2011" report, that the Asia Pacific remains by far the
most dynamic growth region in the world and the locomotive of global growth.
"Its growth rate this year will be nearly one and a half times more than any
other region.
"While the region is led by the powerhouse developing economies of China and
India, growing at 9.5 per cent and 8.7 per cent respectively, growth in 2011 is
broad based at more than five per cent across the Asia-Pacific's sub-regions,"
it added.
The UN ESCAP in the report said that the Asia Pacific region recovered
strongly in 2010 from the global financial crisis and recession of 2008-2009
with the region's developing economies growing at 8.8 per cent.
"In 2011, growth in the developing economies of the region, is forecast to
be at 7.3 per cent," it added.
The report also said that despite the promising economic growth
figures, the Asia-Pacific remains vulnerable to the risks posed by volatile
short-term capital flows, and the resurgence of food and fuel price inflation as
well as natural disasters such as the tragic March 11 disaster in Japan.
"High food prices have a direct impact on the region's poor, while high oil
prices significantly reduce economic growth.
"For the poorest and most populated countries, high food and fuel prices
will slow the effects of high economic growth, to help families out of poverty,"
it added.
The report also recommended the countries in the region to take immediate
policy steps to moderate the impact of rising food and fuel prices.
