Asia-Pacific an anchor of stability

Asia and the Pacific remains a fast-growing region and an anchor of stability, the UN has said in a recent report, despite predictions of economic slowdown.

According to the “Economic and Social Survey of Asia and the Pacific 2012: Pursuing shared prosperity in an era of turbulence and high commodity prices”, the growth rate of the region’s developing economies is projected to decelerate, from last year’s 7.0% to 6.5%.

The region experienced its strongest growth rate of 8.9% in 2010. The slowdown may help in lowering inflation as commodity price volatility is one of the region’s main concerns. Amidst contrary forecasts, the leading players in the region will see a growth rate of 8.6% and 7.5% for China and India respectively.

The report, a flagship publication of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), also highlighted a number of issues in the region’s policies. Income inequality is another issue in the region, with unemployment rates affecting social progress.

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