Report: UN Sees Bright Economic Future in Asia
Wednesday, a United Nations report says Asia’s economic outlook for Y 2017 is strong despite slowing global growth due to sluggish international trade and investment.
The world economy grew 2.2% in Y 2016, the slowest pace since the end of the Y 2008 financial crisis. Britain’s plan to leave the EU and the election of Donald Trump as US President are adding to uncertainty.
Despite a slowdown in China, Asia remains a “bright spot,” the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in the report.
Strong consumer demand and government spending helped make up for weak exports, as East and South Asia grew at a steady pace of 5.7% in Y 2016, level with the year before.