Report highlights threats to growth

Kathmandu, March 27:

The global financial crisis, continuing food and fuel price fluctuations and looming climate change disasters pose triple threats to development in Asia Pacific region, stated a report launched by the Economic and Social Survey Asia and the Pacific’s (ESCAP) for 2009.

The report titled “Addressing triple threats to development”, however, stated that the crises also offer an opportunity for the region to reorient economic growth towards development.

Launching the report, Robert Piper, UN Resident and Humanitarian Coordinator, said the growth of the developing countries in the Asia-Pacific region is expected to be around 1.5 per cent, which would open up a host of opportunities for mutually beneficial collaboration between developed and developing countries in the region.

Nepal’s projected growth in 2009 matches that of the average growth rate for the developing countries in the region at 3.7 per cent, said Piper.