Key Economic Developments and Prospects in the Asia-Pacific Region 2008

    The Asia-Pacific region is likely to continue to see strong economic growth this year, despite uncertainties posed by a slowing United States economy, according to a new United Nations report. “Key Economic Developments and Prospects in the Asia-Pacific Region 2008” ? published by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) ? states that the region’s resilience will be underpinned by strong growth in China and India and high commodity prices. “Asia Pacific economies are well prepared to manage continued uncertainty in the external environment over the coming months,” Chief ESCAP economist Ravi Ratnayake said at the launch of the report in Bangkok. “The region’s main strength lies in healthy macroeconomic fundamentals ? countries have the room to adopt supportive fiscal and monetary policies if faced with significantly declining export growth, financial market volatility or inflationary pressures,” he added. Developing economies in Asia posted an economic growth rate of 8.2 per cent in 2007 and is expected to grow at a “slightly lower but still robust” rate of 7.8 per cent this year.

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