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UN: Asia-Pacific region economic growth to reach 7.3% in 2011

06 May 2011 13:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Economic growth in the Asia-Pacific region will reach 7.3 percent in 2011, lower than 8.8 percent in 2010, said an U.N. report released Thursday.

The Gross Domestic Production (GDP) in the East and Northeast Asia will expand by 7.9 percent this year, and the GDP growth for the North and Central Asia, the South and West-South Asia, and the Southeast Asia, will stand at 4.8 percent, 6.8 percent, and 5.5 percent, respectively, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said in the report issued at a press briefing here.

According to the report, countries with the fastest growth included China with 9.5 percent, India with 8.7 percent and Indonesia with 6.5 percent.
India and Indonesia will see strong economic growth thanks to huge consumption and big investment, while China will realize a high growth due to the government consumption spur.

The report warned that in 2011, most of the economies will fall into increasing inflation due to the increased prices of energy and food, which had severe impacts on the poor and vulnerable populations.
ESCAP estimated that in 2011 people living in poverty in the Asia-Pacific region will reach 42 million.

Further, ESCAP also called for protection for the poor and vulnerable families through expanding the public food supply chains, free coupons and providing meals at schools and other target allowances.

The ESCAP called on effective government policies to curb inflation.