MANILA, Philippines – The Philippines and other major export-led economies are expected to experience substantial recovery next year, according to the United Nations.
In a yearend update report, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said recovery for the Philippines is expected at 3.5 percent; Singapore, 3.5 percent; Taiwan, 3.5 percent; Thailand, 3 percent and Malaysia 2.5 percent.
The Asia-Pacific region is leading the global economic recovery, with the growth rate in 2010 forecast at 6.3 percent – the highest in the world, according to the ESCAP’s “Economic and Social Survey of Asia and the Pacific 2009: Year-end Update.”
However, the report also found that considerable uncertainties remain about the extent and durability of the recovery, and that the region’s recovery depends very much on external factors.
Key to the region’s exports, for example, will be the recovery of demand in developed countries.
The report, which examines progress since the launch of ESCAP’s flagship publication in March, indicated China is forecast to experience the fastest growth in 2010, at 9 percent, driven by public and private investment.
The domestic-demand led economies of India and Indonesia are also forecast to grow fast, at 7.5 percent and 5 percent, respectively, driven by domestic consumption and investment, the report added.
It is too early to withdraw existing supportive policies, and encouraged greater intra-regional cooperation to improve the ability of countries to better weather such crises in the future, according to the report.
Nagesh Kumar, ESCAP’s chief economist, said the aftermath of the crisis has revealed the shifting axis of global growth to within the region and the need to devise regional supporting mechanisms through greater macroeconomic, trade and investment integration.
“Asia and the Pacific also must take a leading role commensurate with its importance in the global economy in discussions on reforming the international institutional and regulatory architecture,” he said. — Pia Lee-Brago, Philippine Star
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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