Asia-Pacific remains engine for global economic growth

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A view of shipbuilding and ship repair yards in Busan, Republic of Korea

Countries of the Asia and Pacific region continue to have the fastest growing economies in the world, according to a new report by the UN Economic and Social Commission for Asia and the Pacific.

However, the Economic and Social Survey for Asia and the Pacific, released on Thursday, says growth in 2012 will be slower than in 2011.

It attributes the slowdown to reduced demand in the region's traditional markets as a result of the euro zone debt crisis and economic uncertainties in the United States.

In addition, says the report, higher capital costs and loose monetary policies in some advanced economies will contribute to the slowing of the economies of Asia and Pacific.

Derrick Mbatha discussed the report with Amr Nour, Director of the New York Office of UN Regional Commissions.

Duration: 4’56″

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