Asia's economic outlook for 2017 strong despite slow growth: UN report

A United Nations report says Asia's economic outlook for 2017 is strong despite slowing global growth and uncertainty as South and East Asian Economies saw robust growth led by China and India. 

The UN Economic and Social Commission for Asia and the Pacific, ESCAP, report released yesterday says World economy grew 2.2 percent in 2016, the slowest pace since the 2008 financial crisis. It says Brexit and Donald Trump's election as the U.S. president added to uncertainty as Trump has railed against existing free-trade agreements and threatened to impose punitive tariffs on some imports.

The co-authors of the



report however say South Asia is the world's fastest-growing region, with 6.7 percent growth in 2016 projected to reach 6.9 percent in 2017 and 2018. It says despite a slowdown in China, Asia remains a "bright spot.The report said Most economies in East Asia and South Asia, led by China and India, saw robust growth driven by strong expansion of domestic demand. 

According to report India's economy is projected to expand by 7.7 percent and 7.6 percent in 2017 and 2018, respectively. Since its exports are small relative to the size of its economy, India is largely insulated from global trade volatility.