UN says PH growth robust, downgrades other countries
The United Nations has downgraded its growth outlook for the world and the East Asian region, but it said that growth in the Philippines is expected to remain “fairly robust” in 2013.
The United Nations Conference on Trade and Development and the UN Department of Economic and Social Affairs have revised downward its global growth forecast for 2013, to 2.3 percent from the previous outlook of 2.4 percent made in January this year.
“Despite improved global financial conditions and reduced short-term risks, the world economy continues to expand at a subdued pace,” the mid-year update of the World Economic Situation and Prospects report for 2013 said.
Global growth is expected to be the same as last year’s 2.3 percent expansion, before growing by 3.1 percent in 2014.
The report said that developing countries and economies in transition continue to register much stronger growth than developed economies.
“In response to the economic slowdown in 2012, many of them, including some large countries in East Asia, South Asia, and Latin America adopted more expansionary monetary and—to a lesser extent—fiscal policies to strengthen domestic demand,” the report said.
“This, along with a slight upturn in external demand, should provide a lift to economic growth in 2013,” it added.
The report said, however, that the pick-up in growth will be slower than previously estimated since many large economies face structural challenges.
“Potential growth in many developing countries is likely lower than before the global financial crisis,” the UN said.
“The least developed countries are projected to see faster growth in 2013 than in the past two years,” it added.
The UN report also revised downwards the growth forecast for the East Asian region for both this year and next, to 6.1 percent and 6.3 percent, respectively.
The region’s growth is expected to be higher than the 5.9 percent expansion recorded in 2012.
“The mild upturn is expected to be underpinned by robust growth in domestic demand and a gradual recovery in exports amid slowly improving global conditions,” the report said.
“In Indonesia, Malaysia, the Philippines, and Thailand, the growth momentum is expected to remain fairly robust owing to buoyant consumption and investment demand,” the report said.
The UN report added that in most economies in the region, domestic demand will be supported by stable labor market conditions, strong household income growth, and accommodative monetary policies.
Malaya Business
Published on Monday, 27 May 2013
Written by ANGELA CELIS
The United Nations Conference on Trade and Development and the UN Department of Economic and Social Affairs have revised downward its global growth forecast for 2013, to 2.3 percent from the previous outlook of 2.4 percent made in January this year.
“Despite improved global financial conditions and reduced short-term risks, the world economy continues to expand at a subdued pace,” the mid-year update of the World Economic Situation and Prospects report for 2013 said.
Global growth is expected to be the same as last year’s 2.3 percent expansion, before growing by 3.1 percent in 2014.
The report said that developing countries and economies in transition continue to register much stronger growth than developed economies.
“In response to the economic slowdown in 2012, many of them, including some large countries in East Asia, South Asia, and Latin America adopted more expansionary monetary and—to a lesser extent—fiscal policies to strengthen domestic demand,” the report said.
“This, along with a slight upturn in external demand, should provide a lift to economic growth in 2013,” it added.
The report said, however, that the pick-up in growth will be slower than previously estimated since many large economies face structural challenges.
“Potential growth in many developing countries is likely lower than before the global financial crisis,” the UN said.
“The least developed countries are projected to see faster growth in 2013 than in the past two years,” it added.
The UN report also revised downwards the growth forecast for the East Asian region for both this year and next, to 6.1 percent and 6.3 percent, respectively.
The region’s growth is expected to be higher than the 5.9 percent expansion recorded in 2012.
“The mild upturn is expected to be underpinned by robust growth in domestic demand and a gradual recovery in exports amid slowly improving global conditions,” the report said.
“In Indonesia, Malaysia, the Philippines, and Thailand, the growth momentum is expected to remain fairly robust owing to buoyant consumption and investment demand,” the report said.
The UN report added that in most economies in the region, domestic demand will be supported by stable labor market conditions, strong household income growth, and accommodative monetary policies.
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