2015 UNESCAP Economic and Social Survey emphasized importance of more inclusive economic growthMay 14, 2015
Bishkek, Kyrgyzstan – Developing economies in the Asia-Pacific region continue to fare well in comparison to the rest of the world, but structural weaknesses constrain growth prospects says the latest report of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), which was presented in Bishkek on May 14, 2015. The latest regional macroeconomic outlook report emphasized that more inclusive economic growth is key to ensuring sustainable prosperity for all.
One of the key publications of ESCAP highlights the macroeconomic perspectives and productivity of Asian Pacific region, as well as identifies economic challenges facing the region along with the key options of policy implementation.
During the presentation Deputy Resident Representative of UNDP in Kyrgyzstan Mr. Pradeep Sharma highlighted the importance of making growth more inclusive in light of economic challenges that the regiona faces. “Northern and Central Asian countries, which are heavily dependent on natural resources, are forecast to experience the negative impacts of declining prices for raw materials in the international markets. This shows that the countries’ efforts to make economic growth more inclusive is key to achieving the sustainable development goals” he said.
To provide guidance to Asia-Pacific economies, ESCAP has also introduced a new multidimensional Index of Inclusiveness. The Index allows comparative scoring of the multidimensional aspects of inclusiveness across different time periods, helping thus policy-makers better track and understand the progress in inclusive growth.
Launching the survey in Bishkek, UN ESCAP consultant Rafkhat Khasanov stressed the need for stronger social security policies and enhanced investment in education. “This will strengthen the role of macroeconomic policy as a development policy by rechanneling current spending to development”, he said.
ESCAP Economic and Social Survey was presented in all countries of the region during 14 to 19 May.
The Economic and Social Survey of Asia and the Pacific has been monitoring regional progress since 1947, providing cutting-edge analyses and guiding policy discussion on the current and emerging socioeconomic issues and policy challenges to support inclusive and sustainable development in the region.