The UN Economic and Social Commission for Asia and the Pacific (ESCAP) launched its 2017 flagship report in Bangkok titled ‘Economic and Social Survey of Asia and the Pacific 2017’. This year’s survey highlights the need for better governance and effective fiscal management to promote durable economic dynamism, social inclusiveness and environmental sustainability in Asia and the Pacific. These areas are fundamental to advancing the 2030 Agenda for Sustainable Development.
Global recovery is firming up, however the growing distrust of globalisation and emerging protectionist tendencies have created global uncertainties which if not addressed will have implications for growth prospects for Asia and the Pacific. To its credit, the region has skilfully managed exogenous shocks particularly the shrinking of advanced economies output and trade since the global financial crisis. Given the prolonged weakness in external demand and global trade, economic growth in Asia-Pacific region has relied more on domestic demand, especially private consumption. This has been supported by low inflation and low interest rates. These changing global dynamics underscore the urgency of increasing domestic and regional demand and overcoming the region’s remaining challenges so it can realise its full economic potential.
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Source: UNDESA DSPD