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Economic and Social Survey of Asia and the Pacific 2013

Forward-Looking Macroeconomic Policies for Inclusive and Sustainable Development

image of Economic and Social Survey of Asia and the Pacific 2013
This document provides a review of the region’s performance in 2012 and its outlook in 2013, as it recovers from the global economic crisis and assesses the region’s policy response to remaining and emerging vulnerabilities. Areas of economic and social policy analysed include growth, inflation, trade and investment, financial markets, employment, migration and remittances. Key challenges ahead are addressed and policy responses recommended for countries in order to sustain their development. The document also addresses a thematic issue, discussing the current approach of macroeconomic policy making and critically assessing whether it has served development adequately.

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The state of inclusive and sustainable development in uncertain times

Development in Asia and the Pacific is under pressure with the region increasingly buffeted by the travails of the developed world. Growth in the developed world has continued to slow as the euro zone fell into a double-dip growth contraction and growth in the United States remained in anaemic territory. The generalized slowdown across the region in 2012 points to structural issues, such as rising inequality, and energy and infrastructure shortages, due to past policy mistakes and inadequate policy responses. The solution to invigorating the domestic drivers of growth in the region lies in making the development process more inclusive and sustainable.

English

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