Food, fuel crisis
Nagesh says the greatest fear is a return of a similar food and fuel crisis that occurred in 2008. The report says food price have risen by up to 35 per cent across several countries.
"The key downside ... the major challenge that the region is facing is arising from the inflationary pressures which are largely driven by the dramatic rise of food and oil prices since August 2010," said Nagesh. "We find that if oil prices continue to rise it could affect the growth outlook by one percent in the region."
The survey warns that the high food and fuel prices could mean that 42 million additional people across Asia and the Pacific remain in poverty, on top of the 19 million affected in 2010.
Across the region there are more than 950 million people living on less than $1.25 a day. The report says expanding consumption through higher wages; better employment opportunities and expanding social protection programs are needed to boost domestic growth.
Japan The report also evaluates Japan's economy following the March 11 earthquake and tsunami.
UNESCAP economists says while Japan's economy faces great uncertainty, the quake's economic toll be short term with some boost from reconstruction efforts later.
U.N. economists also called on the world's major economies to help the situation in Asia, by acting decisively to moderate volatile oil and food prices. Economists recommended regulating commodity markets to reduce speculation and to "discipline" industries that convert food into biofuels.
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