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.



Executive summary

Economic growth in the developing countries of Asia and the Pacific slowed to 5.6% in 2012 as a result of the double-dip recession in the euro zone and the tepid recovery of the U.S. economy. Although growth is projected to inch up to 6% in 2013, this rate is still below the average of 7.8% achieved in 2010-2011 and the average of 8.6% observed during the pre-crisis period of 2002-2007. More importantly, the extent to which the region’s economic growth is contributing to the achievement of key development goals remains unclear.


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