The Asia-Pacific region is poised for slightly stronger economic growth next year after delivering a “lackluster” performance in 2013, according to a forecast released today by the University of Hawaii Economic Research Organization.
Most countries in the region will experience modest increases in gross domestic product roughly in line with the pace of global growth, according to the report.
“With global trade stabilizing and growth prospects improving somewhat in the developed world, the region is positioned for moderately better performance in 2014,” the report’s author’s wrote.
One exception is Japan, where the gross domestic product is expected to slow to 1.5 percent in 2014 from 2 percent in 2013.
Growth-oriented policies put in place by Japan Prime Minister Shinzo Abe helped jolt the country out of its economic malaise. But in addition to its stimulative monetary and fiscal elements, the plan also prescribed two round of consumption tax hikes over the next two years that will restrain growth, according to the report.