UN Report: Asia-Pacific Recovers from Global Financial Crisis

Posted July 25th, 2011 at 4:05 am (UTC-5)
Leave a comment

A United Nations report released Monday says export recovery has led the Asia-Pacific region out of the 2009 global economic and financial crisis.

The Asia-Pacific Trade and Investment Report says trade in the region has returned to pre-crisis levels, while foreign direct investment flows have also fully recovered in selected parts of the region, particularly in East Asia.

However, the report said 75 percent of foreign investment in Asia goes to just five destinations – China, Hong Kong, India, Russia and Singapore.

The report notes that only 37 percent of the region’s exports go to economies where regional trade agreements are in force. It urges regional economies to simplify rules, consolidate trade agreements and avoid protectionism.