Revisiting the public debt-development nexus

- Author: United Nations Economic and Social Commission for Asia and the Pacific
- Main Title: Economic and Social Survey of Asia and the Pacific 2023 , pp 31-41
- Publication Date: April 2023
- DOI: https://doi.org/10.18356/9789210025560c009
- Language: English
Eight years into implementing the 2030 Agenda for Sustainable Development, the Asia-Pacific region is not on track to achieve any of the Sustainable Development Goals (ESCAP, 2023a). Urgent action is therefore needed if countries are to come even close to achieving these Goals. While several behavioural and policy changes could help, financial investments are a critical requirement to accelerate progress. In 2019, ESCAP estimated that Asia-Pacific developing economies would require, on average, $1.5 trillion per year to achieve the SDGs by 2030: an additional 5 per cent of the average 2018 GDP of the region (ESCAP, 2019). The bulk of these investment requirements were expected to be fulfilled by public resources, impacting fiscal dynamics. These requirements have most likely increased since then given substantial unexpected setbacks, such as the COVID-19 pandemic and more recently the war in Ukraine.
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