East Asian Economies expected to maintain stable growth in 2013

BY By Xue Qian | 08-29-2013
On January 17th, the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Department of Economic and Social Affairs (UNDESA) jointly released World Economic Situation and Prospects 2013. The report predicts that the average growth rate for East Asian economies will be 6.2% in 2013 and 6.5% in 2014.
 
Indicating that Europe, Japan and the U.S.’s economic difficulties caused East Asia to drag in 2012 as well because of the contraction in the global export market, the report notes that the current account surpluses of East Asian economies began to decline. Still, with the support of a strong labor market and low inflation, household consumption continued to grow rapidly.
 
The report also forecasts that, owing to accommodative monetary and fiscal policy, China’s economic growth rate will increase to 7.9% in 2013 and 8.0% in 2014. Nevertheless, uncertainties of foreign demand and challenges faced by domestic growth may cause China's growth rate to decrease in 2013.
 
World Economic Situation and Prospects is released at the beginning of each year by the UNDESA, UNCTAD and the five regional commissions of the United Nations.
 
The Chinese version appeared in Chinese Social Sciences Today, No. 407, Jan 21.
 
                                                                                Translated by Charles Horne
 
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