Macroeconomic performance and policies in the ESCAP region

The economic performance of the ESCAP region maintained its robustness in 1992-1993, with the developing countries of the region achieving an average economic growth rate of 6.7 per cent in 1993, the same as in 1992. This performance is remarkable against the backdrop of the depressed conditions in the rest of the world economy, with recessionary tendencies prevailing especially in the industrialized countries. Although the average record of growth performance puts the ESCAP region as a whole in a bright light, the various groups of economies of the region continued to diverge in their performance However, a larger measure of convergence has emerged among the countries of the region in the long-term approach to development policies, including an enlargement of the scope for private participation and a greater emphasis on the role of market forces in economic activities, although the short-term emphasis of policies varied according to the intensity of the immediate problems each economy.

Related Subject(s): Economic and Social Development
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