East Asia remains the world's fastest growing region in 2020, according to the United Nations World Economic Situation and Prospects (WESP) 2020, which was launched Thursday at the UN headquarters in New York.

"Despite significant headwinds, East Asia remains the world's fastest growing region and the largest contributor to global growth," according to the report.

In China, GDP growth is projected to moderate gradually from 6.1 percent in 2019 to 6.0 percent in 2020 and 5.9 percent in 2021, supported by more accommodative monetary and fiscal policies, said the report.

Growth in other large emerging countries, including Brazil, India, Mexico, Russia and Turkey, is expected to gain some momentum in 2020, according to the report.

The World Economic Situation and Prospects is an annual UN flagship publication on the state of the world economy, viewed through the lens of the 2030 Agenda for Sustainable Development. It is a joint product of the UN Department of Economic and Social Affairs, the UN Conference on Trade and Development and the five UN regional commissions.