World economic developments and the ESCAP region

The pattern of recent economic development in the world points to a significant change in the nature of interdependence in the world economy. While the developing countries in the past mostly reacted passively to the level of economic activity in the developed world, it would now appear thatthese countries. particularly those in the ESCAP region, are beginning to exercise their own independent influence on the world economy. The continuing strong growth in the developing ESCAP region despite protracted recession in most industrial countries has shown that the economic growth process in the region has developed an internal dynamism and resilience that can survive strong external shocks transmitted from the rest of the world economy. Nevertheless, the region’s development will continue to be affected by global developments in such important areas as trade, investment, technology and financial flows.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities