JOIN USIndia’s growth rate, according to the ‘Asia-Pacific Markets Outlook 2011’ report released by the S&P on Wednesday, would moderate to 8-8.5 per cent this year, from 8.6 per cent in the previous year.
“We expect the region to record another year of solid growth in 2011 after 2010 proved that Asia is emerging from the crisis in a strong position, even as the economic picture for Japan following the recent earthquake remains less clear,” S&P Asia-Pacific Head Tom Schiller said.
According to projections by S&P, China would grow by 9.1-9.6 per cent in 2011, while Japan could post 1.3-1.8 per cent growth in the year.
Japan, which had expanded by 4 per cent in 2010, is currently battling the impact of last week’s earthquake and tsunami, which triggered a radiation leakage from one of its nuclear plants.
According to S&P, the Asia-Pacific economies is poised to post solid growth in 2011. “...We expect GDP growth rates in 12 of the 14 major regional economies to moderate from 2010 growth rates, given that US economic conditions remain soft and doubts remain over the sustainability of the euro zone recovery,” it said.