The report, the Economic and Social Survey of Asia and the Pacific 2013: Forward-looking macroeconomic policies for inclusive and sustainable development stated that the growth in Asia-Pacific will remain subdued due to the impact of persistent weaknesses and uncertainties in the developed economies, thus urged Governments to implement macroeconomic policies that focus more on inclusivity and sustainable development.
It has projected a recovery of sorts in India's growth to 6.4 per cent in 2013-14 from the previous year’s low of 5 per cent, even as China’s growth trajectory is estimated to post a moderate increase from 7.8 per cent in 2012 to 8 per cent.
The mild optimism in growth outlook, expressed in ESCAP’s 2013 Survey, stems from the expected improvement in global demand arising from steady growth in the United States and the limited rebound in major emerging economies which is projected to help raise the developing Asia-Pacific region’s growth to 6 per cent in 2013 from 5.6 per cent last year.
According to other figures in the Survey, oil and gas exporting North and Central Asia will continue to benefit from high global energy prices, maintaining steady growth.
It has projected a recovery of sorts in India's growth to 6.4 per cent in 2013-14 from the previous year’s low of 5 per cent, even as China’s growth trajectory is estimated to post a moderate increase from 7.8 per cent in 2012 to 8 per cent.
The mild optimism in growth outlook, expressed in ESCAP’s 2013 Survey, stems from the expected improvement in global demand arising from steady growth in the United States and the limited rebound in major emerging economies which is projected to help raise the developing Asia-Pacific region’s growth to 6 per cent in 2013 from 5.6 per cent last year.
According to other figures in the Survey, oil and gas exporting North and Central Asia will continue to benefit from high global energy prices, maintaining steady growth.
In South and South-West Asia, the economies of Afghanistan, Bangladesh, Bhutan and Sri Lanka are projected to grow 6 per cent or more in 2013.
The export-led economies in East and North-East Asia as well as South-East Asia are expected to gain from “improved, although still tepid, global trade.”
In Indonesia, ESCAP noted that domestic demand will drive the economy to a growth rate of 6.6 per cent. Strong private consumption will support growth in the Philippines at 6.2 per cent and 5.3 per cent in Thailand, while Viet Nam’s economy is expected to pick up in the second half of 2013 to 5.5 per cent.
Meanwhile, growth is expected to decelerate in Pacific island developing economies in 2013 due to a sharp, energy sector-led slowdown in Papua New Guinea, the largest Pacific island economy.
According to the Survey long-term structural issues, such as rising inequality, energy and infrastructure shortages are compounding the regional slowdown and the structural solution to invigorating the domestic drivers of growth will lie in making the development process more inclusive and sustainable.
The export-led economies in East and North-East Asia as well as South-East Asia are expected to gain from “improved, although still tepid, global trade.”
In Indonesia, ESCAP noted that domestic demand will drive the economy to a growth rate of 6.6 per cent. Strong private consumption will support growth in the Philippines at 6.2 per cent and 5.3 per cent in Thailand, while Viet Nam’s economy is expected to pick up in the second half of 2013 to 5.5 per cent.
Meanwhile, growth is expected to decelerate in Pacific island developing economies in 2013 due to a sharp, energy sector-led slowdown in Papua New Guinea, the largest Pacific island economy.
According to the Survey long-term structural issues, such as rising inequality, energy and infrastructure shortages are compounding the regional slowdown and the structural solution to invigorating the domestic drivers of growth will lie in making the development process more inclusive and sustainable.
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