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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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Governance and fiscal management

Development trajectories of countries within the Asia-Pacific region have varied significantly over time. While some countries have made tremendous advancements in terms of economic and social indicators, others have not been quite as successful. Historical and cultural differences may explain part of the different development experiences of countries in the region. Yet, there is no doubt that the quality of governance and the effectiveness of public institutions are critical factors that contribute to the process of development.

English

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