Emerging economies likely to grow 4.8% this year

Major emerging economies are expected to post economic growth of around 4.8 percent this year despite downward pressure, the Boao Forum for Asia said in a report on Tuesday.

That level of growth would be slightly lower than the growth seen in 2014, which stood at 4.9 percent, according to the International Monetary Fund.

The Development of Emerging Economies Annual Report, co-authored by the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, said the major emerging economies refer to Argentina, Brazil, China, India, Indonesia, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa and Turkey, all from the G20.

Zhang Yuyan, director of the IWEP, said at a Boao Forum news conference in Beijing on Tuesday: "In analyzing short-term factors that will affect growth this year, the spillover effect of monetary policies from developed economies, especially the United States, will have a very large effect on the global economy."

In a separate report on Asian competitiveness published by the forum, China was ranked the ninth most competitive economy in Asia.

In evaluating China's competitiveness, the report said medium-to-high growth, moderate inflation of 2.4 percent and low government debt-to-GDP ratio were among the factors that helped the nation maintain its leading position in Asia.

The reports are released annually before the high-level forum in Boao, Hainan. This year's forum will take place from March 26 to 29.

Zhou Wenzhong, secretary-general of the Boao Forum for Asia, said the hot topics this year would be those concerning regional cooperation such as the Silk Road Economic Belt and 21st Century Maritime Silk Road initiative.