The Asia-Pacific region is poised for slightly stronger economic growth next year after delivering a "lackluster" performance in 2013, according to a forecast released Friday by the University of Hawaii Economic Research Organization.

Most countries in the region will experience modest increases in gross domestic product roughly in line with the pace of global growth, according to the report.

"With global trade stabilizing and growth prospects improving somewhat in the developed world, the region is positioned for moderately better performance in 2014," the report’s authors wrote.

One exception is Japan, where the GDP is expected to slow to 1.5 percent in 2014 from 2 percent in 2013. Growth-oriented policies put in place by Japa­nese Prime Minister Shinzo Abe helped jolt the country out of its economic malaise. But in addition to its stimulative monetary and fiscal elements, the plan also prescribed two rounds of consumption tax hikes over the next two years that will restrain growth, according to the report.

China’s economic growth rate is expected to slow slightly to 7.5 percent in 2014 from 7.6 percent in 2013.

"As China joins the ranks of the middle-income countries, its domestic service economy will expand and consumption will replace investment as the main economic driver," according to the report. "Growth will remain in its recent subdued range, trending toward 7 percent over the next several years."

UHERO forecast U.S. economic growth to accelerate to 2.3 percent in 2014 from 1.6 percent this year.

Despite the turmoil surrounding federal budget concerns, the U.S. economy has added nearly 2 million jobs this year, thanks in part to continued accommodative monetary policy, according to the report.