The Blue Book of Asia-Pacific is released in Beijing, May 4, 2016. (Photo/Chinanews.com)
(ECNS) -- Emerging economies in Asia will face more internal and external risks in 2016, but would remain the fastest growing in the world, according to a report of Blue Book of Asia-Pacific released in Beijing on Wednesday.
The report, drawn up by the National Institute of International Strategy at the Chinese Academy of Social Sciences and Social Sciences Academic Press, identified three short-term risks -- a fall in global trade momentum, possible interest rate hikes by the U.S. Federal Reserve and increasing debt risks, as well as "Seesaw effect" challenges between emerging economies and developed countries.
Following massive stimulus after the 2008 financial crisis, Asian countries lag behind their developed counterparts in reducing overcapacity and deleveraging, the report stated.
Among major emerging economies, most growth rate is on a downward track, with only India, China, Vietnam and the Philippines keeping above 6 percent.
Overall, economic growth in the United States, Japan and Europe, rising from 1.4 percent in 2014 to 1.9 percent in 2015, failed to fuel global trade growth or drive economic development in emerging economies, the report concluded.
