Economy

After the onset of the global financial crisis of 2008/09, a rapid recovery was seen in the Asian and Pacific region in 2010, but this recovery decelerated in 2011 because the global economy had entered a second phase of the crisis, as major developed economies of the globe pulled back on spending due to public debt concerns coming to the fore coupled with poor growth records. The region’s growth was thus curtailed as it had to contend with constrained demand for its exports from major markets in developed economies. Growth in Asia and the Pacific was further impacted by the return of high food and energy prices, as well as the effects of a host of natural disasters.

Related Subject(s): Population and Demography