Asia-Pacific increasingly affected by global economic slump: ESCAPListen /
Development in Asia and the Pacific is increasingly being affected by the ongoing slowdown in the global economy as well as structural problems within the region's economies, according to latest United Nations macroeconomic projections and policy advice released in Bangkok Friday.
The Economic and Social Survey of Asia and the Pacific 2012: Year-end Update, published by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), says growth in the developed world continued to slow during 2012, leading to falling demand for exports and a broad-based slowdown in Asia and the Pacific.s
ESCAP Executive Secretary, Dr. Noeleen Heyzer says "Along with the ongoing problems in the euro zone which have led to a double-dip recession in many of those economies, Asia and the Pacific stands to be significantly hit by the possible contours of any compromise agreement to resolve the fiscal cliff in the United States."
ESCAP estimates that failure to resolve this adequately could lead to growth in Asia-Pacific economies slowing by up to 2.2 percentage points in 2013, with exporting economies such as Singapore, Hong Kong, China and Malaysia being most hit.