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Economic and Social Survey of Asia and the Pacific 2017

Governance and Fiscal Management

image of Economic and Social Survey of Asia and the Pacific 2017

The Economic and Social Survey of Asia and the Pacific 2017 presents the latest macroeconomic trends, identifies emerging risks and challenges, and takes stock of fiscal, monetary and structural policy developments in the region, providing recommendations for policymakers and other relevant stakeholders. The report shows that, while the recent expansion of Asia-Pacific countries has been steady, it is modest compared to recent historical trends amid prolonged weak external demand, rising trade protectionism and heightened global uncertainty. Decades of rapid economic growth came at the expense of rising inequalities and environmental degradation. Addressing such economic, social and environmental challenges in a coherent and decisive manner will be critical to achieve the Sustainable Development Goals. In view of these challenges, the Survey 2017 highlights the importance, and transmission mechanisms, of better governance to achieve effective fiscal management and deliver impactful domestic structural reforms.

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Preface

The developing economies of the Asian and Pacific region currently account for about a third of the world’s output, and they are quickly reaching an economic status on par with that of the combined share of developed economies in North America and Europe. The convergence in output is likely to continue in coming years despite a narrowing growth differential between developing Asia-Pacific economies and the developed global economies. At the current pace, the region’s share in the global economy is expected to exceed one half by 2050, when it regains the position it had held prior to the Industrial Revolution. Not surprisingly therefore what Asia and the Pacific does now influences the rest of the world more than in the past when the region was primarily affected by external developments.

English

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