Asia will continue to be the engine of global economic growth, according to a report released by the PricewaterhouseCoopers during the APEC CEO Summit here Friday.
The report said the overall economic growth rate of the 21 APEC members is expected to reach 3.8 percent in 2011, mainly driven by the strong growth of China and the ASEAN countries.
The United States and the European Union's economic growth rate in 2011 were expected to be 2.4 and 1.5 percent respectively, lower than the world's average of 3.1 percent.
The PricewaterhouseCoopers predicted that China's GDP can achieve a 9.3 percent expansion next year, while the economic growth in ASEAM countries, including Vietnam, Thailand, Malaysia, Indonesia, and Singapore will grow 7.1, percent 4.3 percent, 5 percent, 6.2 percent and 4.8 percent respectively.
The economic growth of this year's APEC host Japan will remain a weak 1.7 percent next year.
However, the report also pointed out that to maintain growth, Asian economies must pay attention to short-term and long-term risks. And the most serious short-term risk is the large influx of capital that may increase inflation and deteriorate the asset bubble.
The APEC CEO Summit is held here Friday and Saturday as the largest annual event of the business community in the Pacific Rim.