Consumption to drive growth in Asia-Pacific

Singapore - Growth in Asia-Pacific in 2016 and 2017 is likely to be sluggish but still better than that in the rest of the global economy. However, the drivers for growth in the region are changing.

That's according to a report titled, 'Can Asia-Pacific Capitalize On Its New Growth Drivers?', that Standard & Poor's Ratings Services published last week.

Exports and productivity, which have traditionally driven Asia-Pacific economies, have entered a new and much slower growth phase. The (real) net export contribution to growth and productivity growth have stalled since the global financial crisis.