Slower growth for Asia-Pacific the 'new normal,' UN says
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Lower economic growth in Asia could become the "new normal" based on current trends, the United Nations Economic and Social Commission for the Asia-Pacific (ESCAP) warned Thursday.
The persistent economic chill in the eurozone and United States since the 2008-2009 economic crisis has knocked 3 per cent, or 870 billion dollars, off the Asia-Pacific region's gross domestic product(GDP), according to the body's 2013 Survey of Asia and the Pacific.
The region's economy would still grow 6.0 per cent in 2103, compared with 5.8 per cent last year, the annual report projected.
The rates, lower than the recent standards of the region, might be the "new normal," as regional dynamos China and India headed towards slower growth, while EU and US markets continued to face problems, it said.
"The output loss could be significant for the region as a whole at almost 1.3 trillion dollars from the start of the crisis until 2017," said the survey.//DPA
