Connect with us

Economics

East and South Asia leading recovery of world economy from recession

Avatar

Published

on

Governments in East and South Asia undertook aggressive monetary and fiscal measures to respond to the global economic crisis of the last two years, resulting in both regions leading the world’s recovery out of recession, according to a new United Nations report.

The “World Economic Situation and Prospects” (WESP) projects East Asian economic growth of 6.7 per cent this year, the highest among all regions of the world, and South Asian economies coming in second with an expected growth of 5.5 per cent.

Both regions are rebounding from weak – but not calamitous – growth rates last year: East Asia recorded a rise of 4.3 per cent in 2009, following 6.3 per cent in 2008 and 9.3 per cent in 2007. In South Asia, the comparable rates were 4.1 per cent in 2009, 6.2 per cent in 2008 and 9.6 per cent in 2007. Each region’s 2007 growth rate was its highest for the entire decade beginning in 2000.

Tiziana Bonapace, Chief of the Macroeconomic Policy and Analysis Section at the UN Economic and Social Commission for Asia and the Pacific (ESCAP), will introduce the report along with Aynul Hasan, Chief of the Development Policy Section at ESCAP, at a press conference at 2:30 p.m. on Wednesday, 20 January at the Foreign Correspondents’ Club of Thailand (FCCT) in Bangkok.

The WESP warns that the mild global recovery projected in the baseline outlook is subject to high risks and uncertainties, mainly on the downside. The first is the risk of a premature “exit” from the stimulus measures in the major economies which could abort the still nascent recovery. The second relates to the risk of a re-emergence of the global macroeconomic imbalances which were part of the problem in the first place and could erode confidence in the United States dollar. These risks could become sources of renewed instabilities and cause a double-dip global recession which would affect the countries in East and South Asia given their dependence on world trade and finance.

While recognizing the important steps taken by the G20, the UN report calls for more intensive and inclusive international macroeconomic policy coordination. It also calls for deep systemic reforms in financial regulation and the global reserve system to ensure a more balanced and sustainable path of global economic growth.

Press conference to launch new report at 2:30 p.m. on 20 January at FCCT

For more information please visit the website:

or contact:

Mr. Newton Kanhema

UN Department of Public Information

Tel: +1-212-963-5602

Email: [email protected]

Mr. Bentley Jenson

UN ESCAP Information Services

Tel: +66-2 288-1869

Mobile: +66-84-080-5025

Email: [email protected]

via ESCAP Press Release: East and South Asia leading recovery of world economy from recession, UN says.

Comments

Economics

Thai economy to grow 4% in 2021 following 6.5% decline in 2020

The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

Olivier Languepin

Published

on

Crowded downtown area in Bangkok

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).

(more…)
Continue Reading

Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

(more…)
Continue Reading

Economics

COVID-19 brings first consumer confidence drop in 3 months

Consumer confidence in December 2020 was measured at 50.1 points, down from 52.4 the previous month. Economic confidence was also down to 43.5 from 45.6 points.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Concerns linked to the new wave of COVID-19 infections has weighed on both daily life and business, resulting in the first drop in the Consumer Confidence Index in 3 months.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,609 other subscribers

Trending