Low risk of hard landing for China's economy: UN report
Source: Xinhua |
June 9, 2012, Saturday
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Print Edition
Print Edition
WHILE economic growth in China is projected to moderate to 8.3 percent in 2012, there is a low risk of a hard landing for China's economy, according to a UN report.
The UN World Economic Situation and Prospects 2012 mid-year update said that, while growth in China is forecast to slow from 9.2 percent in 2011 to 8.3 percent in 2012, a hard landing does not appear likely.
A slowing Chinese economy and weak demand in developed countries are weighing on economic growth in East Asia. Average regional growth is projected to slow from 7.1 percent in 2011 to 6.5 percent in 2012. In 2013, the pace of growth is projected to pick up slightly as global demand recovers, with regional GDP forecast to expand by 6.9 percent, said the report.
According to the report, the economy of India, China's southern neighbor and the other of the two "engines" fueling regional growth, is forecast to expand by 6.7 percent in 2012.
The report noted that the world economic situation continues to be challenging. Following a marked slowdown in 2011, global growth will likely remain tepid in 2012, with most regions expanding at a pace below potential. It projects total world economic growth at 2.5 percent in 2012 and 3.1 percent in 2013.
The UN World Economic Situation and Prospects 2012 mid-year update said that, while growth in China is forecast to slow from 9.2 percent in 2011 to 8.3 percent in 2012, a hard landing does not appear likely.
A slowing Chinese economy and weak demand in developed countries are weighing on economic growth in East Asia. Average regional growth is projected to slow from 7.1 percent in 2011 to 6.5 percent in 2012. In 2013, the pace of growth is projected to pick up slightly as global demand recovers, with regional GDP forecast to expand by 6.9 percent, said the report.
According to the report, the economy of India, China's southern neighbor and the other of the two "engines" fueling regional growth, is forecast to expand by 6.7 percent in 2012.
The report noted that the world economic situation continues to be challenging. Following a marked slowdown in 2011, global growth will likely remain tepid in 2012, with most regions expanding at a pace below potential. It projects total world economic growth at 2.5 percent in 2012 and 3.1 percent in 2013.
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