ESCAP promotes shared prosperity

Bangkok: Developing economies in the Asia-Pacific region continue to fare well in comparison to the rest of the world, but structural weaknesses constrain growth prospects, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said in its latest regional macroeconomic outlook report released Thursday, emphasizing that more inclusive economic growth is key to ensuring sustainable prosperity for all.

Growth in the region’s developing nations will increase only slightly, to 5.9 per cent in 2015 from 5.8 per cent last year, with no significant change expected in 2016, according to the Economic and Social Survey of Asia and the Pacific 2015, ESCAP’s annual flagship publication. Inflation is also forecast to further decline and remain low, largely due to lower international oil prices, which have led to interest rate cuts in many economies of the region.