UN report: Asian growth outlook bright despite uncertainty

UN report: Asian growth outlook bright despite uncertainty (Photo by Allan Ajifo [CC BY 2.0)

The world economy grew 2.2 per cent in 2016, the slowest pace since the end of the 2008 financial crisis. Britain’s plan to leave the European Union and the election of Donald Trump as U.S. president are adding to uncertainty.

Despite a slowdown in China, Asia remains a “bright spot,” the U.N. Economic and Social Commission for Asia and the Pacific (ESCAP) said in the report released Wednesday.

Strong consumer demand and government spending helped make up for weak exports, as East and South Asia grew at a steady pace of 5.7 per cent in 2016, level with the year before.