Asian emerging economies' grwoth to slacken in 2014
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E-mail Xinhua, January 9, 2014
Growth in the gross domestic product (GDP) of the emerging economies in the Asia-Pacific region will slow down this year, according to the UN Economic and Social Commission for Asia and the Pacific (ESCAP) and most multilateral lending institutions.
The Bangkok-based ESCAP said in its yearend report released in mid-December last year that countries in the region will face " another subpar growth in 2014 due to slow recovery, policy uncertainty and protectionism in developed countries."
"Asia-Pacific developing economies face the prospect of a 'new normal' of lower growth in the coming years, underlining the need for forward-looking macroeconomic policies and intraregional cooperation," Anisuzzaman Chowdhury, ESCAP director of Macroeconomic Policy and Development division, said in summarizing the report.
According to ESCAP, Asia's developing economies are forecast to grow 5.6 percent in 2014.
The report said that key economies of China, India and Indonesia with large domestic markets grew moderately in 2013 after recent years of strong performance, although China's economy is still growing relatively fast at 7.5 percent in 2013 and is projected to expand by 7.3 percent in 2014.
India's growth is expected to rebound in 2014 to 6 percent after remaining unchanged at around 5 percent in the preceding two years while Indonesia has recorded the lowest growth in recent years, estimated at 5.7 percent in 2013 after expanding at 6.2 percent in 2012, the report said.
Earlier, the World Bank also lowered its 2013 and 2014 economic growth forecasts for developing East Asia.
"Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand," the World Bank said in its latest East Asia Pacific Economic Update report.
The Washington-based development bank now expects developing East Asia to expand by 7.1 percent in 2013 and by 7.2 percent in 2014, down from its April estimate of 7.8 percent and 7.6 percent, respectively.
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