REGIONAL SHOCKS DETAILED BY UN’S ECONOMIC, SOCIAL SURVEY FOR ASIA, PACIFIC

(Reissued as received.)

BANGKOK, 25 April (UN Information Service) -- The 2005 “Economic and Social Survey of Asia and the Pacific:  Dealing with Shocks” was launched on Monday, 25 April 2005 in Bangkok by Economic and Social Commission for Asia and the Pacific (ESCAP) Executive Secretary Kim Hak-Su.

The Survey details both economic and social trends in the region, noting the impact of both unexpected events like the tsunami disaster and bird flu, and continuing challenges such as persistent high oil prices, a flat US dollar and an ageing population.

“The region is experiencing a year of shocks”, said Executive Secretary Kim Hak-Su.

“Oil prices are 50 per cent higher in nominal terms than two years ago, and we may have to revise forecasts if high prices persist.  The economic impact of the tsunami disaster on the Asia-Pacific region in 2005 is likely to be small, but destruction of human life and infrastructure has burdened smaller affected countries”, he said.

“China’s continued high growth of 9.5 per cent despite measures to cool down the economy is another surprise.  Apart from China, South-East Asia had its highest economic growth rate since the 1997 crisis, with Singapore leading with 8.4 per cent, followed by Malaysia and Viet Nam at over 7 per cent”, said Mr. Kim.  “Less developed countries and Pacific island economies, however, have growth rates averaging below 5 per cent, which is not sufficient to meet their development challenges.”

“Ageing in some developing countries such as China and Sri Lanka is also moving much faster than we predicted,” he said.

The Survey will be used to initiate debate on economic and social policy in the ministerial segment at the sixty-first session of the Commission.  Results will also be used at the Economic and Social Council session in New York in July to help countries prepare effective policies.  The ESCAP will also target the areas highlighted by the Survey such as the growing problem of youth unemployment, the impact of oil prices on the region’s growth and follow-up activities on the tsunami and other natural disasters.

* *** *