BANGKOK - ECONOMIC performance in developing Asia-Pacific countries is expected to improve moderately in 2014, but growth will remain sub-par, said the latest United Nations macroeconomic projections released on Thursday.
Asia-Pacific developing economies are forecast to grow 5.6 percent in 2014, up from 5.2 percent this year, said the Economic and Social Survey of Asia and the Pacific 2013: Year-end Update, which is published by the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
Early this year, the ESCAP projected a 6.0 per cent growth for 2013. The 2012-2014 period marks the first time in at least two decades that developing Asia-Pacific economies are growing at less than six percent annually, averaging 5.4 per cent compared to 8.4 percent during the pre-crisis 2002-2007 period, the report disclosed.
The region will be impacted by slow recovery, policy uncertainty and protectionism in developed economies, as well as domestic structural impediments like growing economic and social inequality, according to the report.
Xinhua
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