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UNITED NATIONS — “Asia Pacific economic economies will see subdued growth in 2013 after last year’s sharp slowdown caused by external factors,” is the prognosis from a recent UN survey.
“Economic growth in the developing countries of Asia and the Pacific slowed to 5.5 percent in 2012 as a result of the double-dip recession in the Euro zone and the tepid recovery of the U.S. economy,” the report advises.
The Economic and Social Survey of Asia and the Pacific/2013 outlines a cautious survey for the current year, “although growth is expected to inch up to 6 percent in 2013, this rate is still below the average of 7.8 percent achieved in 2010-2011 and the average of 8.6 percent observed during the pre-crisis period of 2002-2007.” The annual report is a product of the UN’s Bangkok-based Economic and Social Commission for Asia and the Pacific (ESCAP).
China’s economy has lost its much of its luster. While Beijing’s official growth rate for 2012, stood at 7.8 percent, this year the GDP is expected to grow slightly to 8 percent. Importantly India whose growth dipped dangerously to 5 percent in 2012 should climb back to 6.4 percent this year. Export oriented economies have seen significant drops in demand especially from the USA.
Much of the improvements rests on “improvement in global demand arising from steady, although sub-par, growth in the United States, and a limited rebound in the performance of major emerging economies.”
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