Bangkok - Asian developing economies, particularly China and India, were key to helping power the 2010 global economic recovery, the United Nations reported Tuesday, while noting that the developed Asia-Pacific economies had shown only 'lukewarm' recovery.
In its annual World Economic Situation and Prospects 2011 (WESP) report, the UN said that gross domestic product (GDP) in East and South Asia surged ahead by 8.4 per cent in 2010, up from 5.1 per cent in 2009.
But a 'moderate slowdown' is now expected, with GDP growth for the Asian developing economies forecast at 7.1 per cent this year and 7.3 per cent in 2012, the UN said in releasing the report.
'China and India have sustained their leading role in driving the economic recovery in Asia and the world,' the UN said, reporting 10.1 per cent GDP growth last year for China and 8.4 per cent for India.
Singapore (13 per cent) and Taiwan (9 per cent) also stood out with their GDP performance in the East and South Asia region, according to the WESP report.
'Loose monetary conditions and a recovery in export demand led to a rapid expansion in business investment,' the UN said about the Asian region's economic picture in 2010.
'Household consumption also picked up, on the back of higher wages and rising employment. While the recovery is increasingly being supported by private sector demand, government spending continued to provide significant stimulus in many countries, especially in the first half of 2010,' it added.
Looking ahead, the WESP report said 'the outlook for East Asia is favourable, although growth is expected to moderate owing to weakening global conditions and fading government stimulus.'
While the Asia/East Asia region was robust, the WESP said the developed economies of the Asia/Pacific region saw only 'a lukewarm recovery from the global economic crisis,' last year.
Japan, the world's third largest economy, started strongly in 2010, but then began to falter, with GDP growth of an estimated 2.7 per cent for the year.
Moreover, Japan's prospects look weaker with the economy projected to slow further to 1.1 per cent growth this year and 1.4 per cent in 2012, the UN predicted.
Australia, which last year showed 3.3 per cent GDP growth, is seen faring slightly better this year with a 3.7 per cent improvement, but then will ease back to a 3 per cent rate in 2012.
New Zealand, after a 2.7 per cent rise last year, is foreseen slowing down to 2.4 per cent in 2011, before improving again to a 3 per cent growth rate next year, the WESP report said.
Source: http://news.google.com.ua
No comments:
Post a Comment