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East Asia Summit meeting expects 3.1 pct of global growth for 2016

Xinhua, August 5, 2016 Adjust font size:

Global economic growth is set to moderate to 3.1 percent for 2016 before picking up to 3.4 percent in 2017, according to a meeting of economic and trade ministers from the Association of Southeast Asian Nations (ASEAN) and its dialogue partners here Friday.

Emerging economies are expected to continue to provide the bulk of economic growth with 4.1 percent in 2016 in the face of moderation in the rate of economic growth seen in China alongside continued robustness in growth rates seen in India and most of Southeast Asia, according to a joint statement from the fourth East Asia Summit (EAS) Economic Ministers Meeting in Vientiane.

Meanwhile, advanced economies will see their economies expanding at an average rate of some 1.8 percent in 2016 in the face of challenges to growth, citing the result of Britain's Breixt referendum as adding further to the uncertainties.

ASEAN's trade with other EAS countries amounted to 1.05 trillion U.S. dollars in 2015, a drop from 1.11 trillion U.S. dollars in the previous year, and representing some 46.3 percent of the 10-member bloc's total trade.

Efforts towards economic integration were noted including progress in negotiations toward a Regional Comprehensive Economic Partnership.

The gathering of ministers from ASEAN and eight dialogue partners including China, the United States, Japan, South Korea and Russia also welcomed China's successful convening of the Shanghai G20 Trade Ministers Meeting and expressed anticipation towards a successful G20 summit in China next month.

The fourth EAS Economic Ministers Meeting was held in conjunction with the 48th ASEAN Economic Ministers Meeting, among several multi-sectoral gatherings being hosted by Laos as per its 2016 chairmanship of the 10-member bloc, culminating in the ASEAN Summits and East Asia Summit set for Sept. 6-8 in Vientiane. Endit