UN report: Exports led Asia-Pacific out of global economic crisis
Growth will remain difficult if new regional markets are not explored.
KARACHI:
Exports have led Asia and the Pacific out of the global economic crisis, according to a new United Nations report, but it will be difficult to continue the growth without opening new markets within the region, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) reported on Tuesday.
“Export recovery has led Asia and the Pacific out of the 2009 global economic and financial crisis, allowing the region to emerge as an important stabilising force and engine of world economic growth,” ESCAP said, citing its Asia-Pacific Trade and Investment Report 2011 Post-crisis Trade and Investment Opportunities, which was released in Bangkok at the UN-backed Asia-Pacific Business Forum (APBF).
ESCAP estimates show that the export growth recovery in Asia-Pacific developing economies in 2010, estimated at 17.3%, after negative growth of nearly 8% a year earlier, will stabilise to 9% in 2011.
“Developed economies are still the major destination for the region’s exports, but with the European Union, Japan and the United States facing an economic slowdown, Asia-Pacific countries must rely more on intra-regional trade which can also make the region more resilient to external shocks,” ESCAP said.
Published in The Express Tribune, July 27th, 2011.
Exports have led Asia and the Pacific out of the global economic crisis, according to a new United Nations report, but it will be difficult to continue the growth without opening new markets within the region, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) reported on Tuesday.
“Export recovery has led Asia and the Pacific out of the 2009 global economic and financial crisis, allowing the region to emerge as an important stabilising force and engine of world economic growth,” ESCAP said, citing its Asia-Pacific Trade and Investment Report 2011 Post-crisis Trade and Investment Opportunities, which was released in Bangkok at the UN-backed Asia-Pacific Business Forum (APBF).
ESCAP estimates show that the export growth recovery in Asia-Pacific developing economies in 2010, estimated at 17.3%, after negative growth of nearly 8% a year earlier, will stabilise to 9% in 2011.
“Developed economies are still the major destination for the region’s exports, but with the European Union, Japan and the United States facing an economic slowdown, Asia-Pacific countries must rely more on intra-regional trade which can also make the region more resilient to external shocks,” ESCAP said.
Published in The Express Tribune, July 27th, 2011.