APAC to experience slower growth in 2008

The Asia Pacific region will experience slower economic growth in 2008, but is likely to avoid a sharp downturn due to the sub-prime mortgage crisis in the US, according to the Pacific Economic Cooperation Council’s annual State of the Region report. PECC forecasters expect 4.9% real GDP growth for the region as a whole in 2008, rising to 5.2% in 2009. This forecast assumes that the United States will not enter into a recession and that a recovery in the housing sector will take place in the second half of 2008. The report includes the findings of PECC’s annual survey of opinion leaders in the Asia Pacific region. Survey respondents identified high energy prices, water pollution, and global warming as the top three risks to economic growth in the region. The full report can be found at www.pecc.org/sotr.

Information summarized from: Asia Pacific Foundation of Canada Press Release