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ESCAP sees lower Asia-Pacific growth as ‘new normal’
By Korea HeraldPublished : April 18, 2013 - 20:06
The U.N. Economic and Social Commission for Asia and the Pacific said Thursday that Asia-Pacific economies would see “subdued” growth this year after last year’s sharp slowdown.
In its annual report, the regional arm of the United Nations said it expected South Korea to grow 2.3 percent in 2013.
South Korea’s Finance Ministry earlier projected the same growth rate for this year.
“An important finding is that the relatively subdued growth compared to the pre-global financial crisis period could become the ‘new normal’ for many economies in the Asia-Pacific region,” the ESCAP report said.
It also indicated that Korea’s tax structure might be lacking sufficient progressivity, pointing to its tax-to-GDP ratio’s decrease from around 18 percent in 2000 to 16 percent in 2011.
ESCAP also suggested that in order for Korea to unlock domestic consumption and to reduce the economy’s heavy reliance on exports of manufactured goods, boosting social security expenditure and making growth more sustainable were top priorities.
Bangkok-based ESCAP is a U.N. organization to promote regional cooperation and assist member countries in building and sustaining shared economic growth and social equity.
By Choi In-jeong, Intern reporter
(injeongchoi@heraldcorp.com)
In its annual report, the regional arm of the United Nations said it expected South Korea to grow 2.3 percent in 2013.
South Korea’s Finance Ministry earlier projected the same growth rate for this year.
“An important finding is that the relatively subdued growth compared to the pre-global financial crisis period could become the ‘new normal’ for many economies in the Asia-Pacific region,” the ESCAP report said.
It also indicated that Korea’s tax structure might be lacking sufficient progressivity, pointing to its tax-to-GDP ratio’s decrease from around 18 percent in 2000 to 16 percent in 2011.
ESCAP also suggested that in order for Korea to unlock domestic consumption and to reduce the economy’s heavy reliance on exports of manufactured goods, boosting social security expenditure and making growth more sustainable were top priorities.
Bangkok-based ESCAP is a U.N. organization to promote regional cooperation and assist member countries in building and sustaining shared economic growth and social equity.
By Choi In-jeong, Intern reporter
(injeongchoi@heraldcorp.com)
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Articles by Korea Herald
