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Pacific region's economic growth to slow down in 2012: ADB

(Xinhua)

14:05, March 13, 2012

MANILA, March 13 (Xinhua) -- Economic growth in the Pacific region is expected to slow to 6.0 percent this year from 7.0 percent in 2011, the Asian Development Bank (ADB) said in the latest Pacific Economic Monitor released here on Tuesday.

The slowdown is driven by lower growth in large resource- exporting economies that dominate regional growth, the report said.

The Pacific region continues to grow at rates above the global average, and economic troubles in the eurozone will likely have only modest and indirect effects on Pacific economies. Australia, New Zealand and the United States play larger roles in driving Pacific growth and reported either steady growth or economic recovery in 2011, which is seen to extend into 2012.

Inflation in the Pacific region is projected to fall from 8.6 percent in 2011 to 6.6 percent in 2012 due to an easing in international food prices. Appreciation in the values of Pacific currencies could further lessen inflationary pressures by making imports cheaper for some economies in the region.

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