News

    UN Says Asian Economies Probably Able to Face 2008 Uncertainties

    Heda Bayron

    The United Nations predicts Asia-Pacific economies will continue to see robust growth in 2008, although a recession in the United States could cause problems for the region. Heda Bayron reports from VOA's Asia News Center in Hong Kong.

    The United Nations issued a generally upbeat forecast for the Asia-Pacific region Wednesday, despite concerns that the region's major export market, the United States, is weakening, and even though regional currencies continue to appreciate.

    The U.S. economy is expected to slow as it confronts a combination of the effects of last year's home mortgage crisis and rising oil costs, and demand for Asia-made products is expected to slow with it. But the report by UNESCAP says domestic demand can cushion Asian economies from a fall in export revenues.

    Shamika Sirimanne, a senior U.N. economist and a co-author of the report, says so far the U.S. sub-prime mortgage problem - which has caused billions of dollars of losses by large banks - has not affected the Asia-Pacific significantly.

    However, Sirimanne says that if the U.S. economy goes all the way into recession, Asia would feel the pinch.

    "This region is very much an external-oriented region. For example, I think according to our calculations Taiwan, Korea and Singapore are most vulnerable if there is a recession in the United States," said Sirimanne.

    The report says China and India's growth rates will continue to remain high and will lead the region. It says China's growth rate is expected to see a moderate decrease this year as Beijing tries to cool its fast-growing economy and as export markets weaken.

    "Even though there will be a moderate slowdown in the United States, we still have China growing very, very fast - around 10.8 percent in 2008, India to grow around 9 percent this year. So this will generate an enormous amount of energy in this region," said Sirimanne.

    South Korea's economy is forecast to see steady growth although Japan's - the world's second largest economy - is forecast to fall in response to U.S. economic weakness.

    The report says developing economies in the region are expected to grow 7.8 percent this year, slightly lower than last year. Indonesia is expected to see strong investment because of lower interest rates and government infrastructure spending.

    The report, released Wednesday in Bangkok, raises concerns over rising inflation in China and India, and the environmental degradation it says is undermining the region's growth.

    The report says air pollution in major Chinese cities has led to higher incidences of lung disease, including cancer and respiratory problems. An increasing loss of arable land in China - as much as eight million hectares over the past decade surrendered to manufacturing and construction - threatens China's water supply and food security.

    The report calls on governments to address environmental problems to ensure longer-term growth.

     

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    In State of Emergency, Turkey’s Erdogan Focuses on Spiritual Movementi
    X
    July 22, 2016 11:49 AM
    The state of emergency that Turkish President Recep Tayyip Erdogan has declared is giving him even more power to expand a purge that has seen an estimated 60,000 people either arrested or suspended from their jobs. VOA Europe correspondent Luis Ramirez reports from Istanbul.
    Video

    Video In State of Emergency, Turkey’s Erdogan Focuses on Spiritual Movement

    The state of emergency that Turkish President Recep Tayyip Erdogan has declared is giving him even more power to expand a purge that has seen an estimated 60,000 people either arrested or suspended from their jobs. VOA Europe correspondent Luis Ramirez reports from Istanbul.
    Video

    Video Scientists in Poland Race to Save Honeybees

    Honeybees are in danger worldwide. Causes of what's known as colony collapse disorder range from pesticides and loss of habitat to infections. But scientists in Poland say they are on track to finding a cure for one of the diseases. VOA’s George Putic reports.
    Video

    Video Wall Already Runs Along Parts of US-Mexico Border

    The Republican Party’s presidential nominee, Donald Trump, gained the support of many voters by saying he would build a wall to keep undocumented immigrants and drugs from coming across the border from Mexico. Critics have called his idea impractical and offensive to Mexico, while supporters say such a bold approach is needed to control the border. VOA’s Greg Flakus has more from the border town of Nogales, Arizona.
    Video

    Video New HIV Tests Emphasize Rapid Results

    As the global fight against AIDS intensifies, activists have placed increasing importance on getting people to know their HIV status. Some companies are developing new HIV testing methods designed to be quick, easy and accurate. Thuso Khumalo looks at the latest methods, presented at the International AIDS conference in Durban, South Africa.
    Video

    Video African Youth with HIV Urge More Support

    HIV, the virus that causes AIDS, is the top killer of teens in sub-Saharan Africa. But many youths say their experience with the virus is unique and needs to be addressed differently than the adult epidemic. VOA South African Correspondent Anita Powell reports.
    Video

    Video Poor Residents in Cleveland Not Feeling High Hopes of Republican Convention

    With the Republican Party's National Convention underway in Cleveland, Ohio, delegates and visitors are gathered in the host city's downtown - waiting to hear from the party's presidential candidate, Donald Trump. But a few kilometers from the convention's venue, Cleveland's poorest residents are not convinced Trump or his policies will make a difference in their lives. VOA's Ramon Taylor spoke with some of these residents as well as some of the Republican delegates and filed this report.
    Video

    Video Pop-Up Art Comes to Your Living Room, Backyard and Elsewhere

    Around the world, independent artists and musicians wrestle with a common problem: where to exhibit or perform? Traditional spaces such as museums and galleries are reserved for bigger names, and renting a space is not feasible for many. Enter ArtsUp, which connects artists with venue owners. Whether it’s a living room, restaurant, office or even a boat, pop-up events are bringing music and art to unexpected places. Tina Trinh has more.
    Video

    Video With Yosemite as Backdrop, Obama Praises National Parks

    Last month, President Barack Obama and his family visited some of the most beautiful national parks in the U.S. Using the majestic backdrop of a towering waterfall in California's Yosemite National Park, Obama praised the national park system which celebrates its 100th anniversary this year. He talked about the importance of America’s “national treasures” and the need to protect them from climate change and other threats. VOA’s Julie Taboh reports.
    Video

    Video Counter-Islamic State Coalition Plots Next Steps

    As momentum shifts against Islamic State in Iraq, discussions are taking place about the next steps for driving the terrorist group from its final strongholds. Secretary of State John Kerry is hosting a counter-IS meeting at the State Department, a day after defense ministers from more than 30 countries reviewed and agreed upon a course of action. VOA Pentagon correspondent Carla Babb reports.
    Video

    Video Russia's Participation at Brazil Olympic Games Still In Question

    The International Olympic Committee has delayed a decision on whether to ban all Russian teams from competing in next month's Olympic Games in Brazil over allegations of an elaborate doping scheme. The World Anti-Doping Agency recently released an independent report alleging widespread doping by Russian athletes at the 2014 Winter Olympics in Sochi. So far, only Russian track and field athletes have been barred from the Summer Games in Brazil. VOA's Zlatica Hoke has more.
    Video

    Video Scotland’s Booming Whisky Industry Fears Brexit Hangover

    After Britain’s vote to leave the European Union, Scotland’s government wants to break away from the United Kingdom – fearing the nation’s exports are at risk. Among the biggest of these is whisky. Henry Ridgwell reports on a time of turmoil for those involved in the ancient art of distilling Scotland’s most famous product.
    Video

    Video Millennials Could Determine Who Wins Race to White House

    With only four months to go until Americans elect a new president, one group of voters is getting a lot more attention these days: those ages 18 to 35, a generation known as millennials. It’s a demographic that some analysts say could have the power to decide the 2016 election. But a lot depends on whether they actually turn out to vote. VOA’s Alexa Lamanna reports.

    Special Report

    Adrift The Invisible African Diaspora