Financial crisis still weighs on Asia-Pac trade

[SINGAPORE] While Asia-Pacific may be home to some of the world's most dynamic economies, growth in trade and investment flows has yet to return to levels seen prior to the 2008-2009 global financial crisis, a new United Nations report released on Wednesday said.

According to the Asia-Pacific Trade and Investment Report (APTIR) 2014 published by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the developments in 2013 and so far in 2014, continue to show that the prolonged consequence of the global 2008 financial crisis is still posing risks to the trade prospects of Asia and the Pacific.

The growth of merchandise trade by developing Asia-Pacific economies is expected to continue to be slow-paced for the rest of 2014, with average export growth of 5 per cent in real terms. This growth is expected to range from a low of 2 per cent for the Russian Federation to a high of 7 per cent for Singapore and the Philippines.