(MENAFN - Qatar News Agency) The UN Economic and Social Commission for Asia and the Pacific (ESCAP) and most multilateral lending institutions have predicated that growth in the gross domestic product (GDP) of the emerging economies in the Asia-Pacific region will slow down this year.
The Bangkok-based ESCAP said in its yearend report released in mid-December last year that countries in the region will face " another subpar growth in 2014 due to slow recovery, policy uncertainty and protectionism in developed countries." "Asia-Pacific developing economies face the prospect of a 'new normal' of lower growth in the coming years, underlining the need for forward-looking macroeconomic policies and intraregional cooperation," Anisuzzaman Chowdhury, ESCAP director of Macroeconomic Policy and Development division, said in summarizing the report
According to ESCAP, Asia's developing economies are forecast to grow 5.6 % in 2014
The report said that key economies of China, India and Indonesia with large domestic markets grew moderately in 2013 after recent years of strong performance, although China's economy is still growing relatively fast at 7.5 % in 2013 and is projected to expand by 7.3 % in 2014
India's growth is expected to rebound in 2014 to 6 % after remaining unchanged at around 5 % in the preceding two years while Indonesia has recorded the lowest growth in recent years, estimated at 5.7 % in 2013 after expanding at 6.2 % in 2012, the report said
Earlier, the World Bank also lowered its 2013 and 2014 economic growth forecasts for developing East Asia
"Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand," the World Bank said in its latest East Asia Pacific Economic Update report.