Analysis by Devinder Kumar
NEW DELHI (IDN) – Continued exclusive reliance on export-led development is “futile”, says the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its flagship publication Economic and Social Survey for Asia and the Pacific 2016 launched on April 28 in Bangkok.
“Prospects of an export-led recovery in developing Asia-Pacific economies remain broadly subdued due to the weak economic outlook for the European Union and Japan alongside the somewhat better growth performance that is expected in the United States,” explains the study.
For many exporting economies in the region, particularly commodity-dependent economies, this challenge is compounded by moderating growth of the Chinese economy, which has been partly driven by much-needed rebalancing to sustain growth in the medium term, adds the report.