UN warns of lower growth in Asia Pacific due to inflation

High inflation levels, in particular food and fuel prices could reduce Asia-Pacific growth by as much as 1.5 per cent over this year and next year. The UN has made the warning at the ongoing meeting of government economic policymakers from Asia Pacific region in Bangkok, Thailand. Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific, Noeleen Hazer, said it is time for developing countries to see poverty reduction and inclusive development as growth drivers rather than just social welfare programmes. She also stressed the need to work out appropriate measures to boost sustainable and inclusive development. Hazer added the global economic crisis is an opportunity for the Asia-Pacific region to readjust its growth, rebalance itself in favour of greater domestic and regional demand to sustain its dynamism.

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