Introduction: Transport development prospects against a backdrop of economic uncertainty

The downturn in the global economy due to the global financial crisis of 2009 has had a significant impact on the transport sector across the Asia and Pacific region. Whereas prior to the global financial crisis, the world enjoyed a period of exceptionally strong economic growth (Figure I-1), by 2008 the slowdown that had begun in the USA had extended to all of the major economies. Developed countries were particularly hard hit, with growth turning negative in Japan and the USA, and falling to below 1 per cent in the European Union. In line with the downturn in the global economy, growth rates in the ESCAP region also began to decline in 2008 and slumped sharply in 2009, although most groups of countries rebounded in 2010.

Related Subject(s): Transportation and Public Safety