Macro-economic performance of the economies in the ESCAP region

A sudden drop in growth rates of many economies in the ESCAP region, especially in the South-East Asian and other export-dependent countries, was the most striking feature of economic and social development during 1985. It tarnished the impressive record of resilience in these economies during the world recession of the early 1980s, when in most other developing regions there were declines in output or per capita incomes. Most developing economies in the ESCAP region were able to survive the rigours of the recession, although at the expense of some deceleration in the high rates of growth enjoyed in the earlier period. They were also able to take advantage of the remarkable growth in world trade in 1984. However, the slowing down of the United States economy in the first half of 1985 and the accompanying deceleration in the growth of world trade had a considerably more adverse effect on their economic performance in 1985 than during the 1980-1983 recession. These effects serve to question the complacency bred in recent years about the sustainability of rapid growth in developing economies in the ESCAP region.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities