Macroeconomic performance, issues and policies

The stubborn persistence of the crisis that engulfed several countries in the second half of 1997 remains the most dominant feature of the economic landscape of the Asian and the Pacific region. The depth of the crisis has been of an unprecedented dimension. Affecting as it did a number of major economies simultaneously, the crisis had a debilitating impact on the economic performance of the region as a whole. An indication of the depth of the crisis is given by the fact that developing economies of the ESCAP region as a group recorded a growth rate of close to zero per cent in 1998 as against over 7 per cent in 1996 and almost 6 per cent in 1997. The dismal performance cut across practically all the subregions, with South Asia being the only bright exception.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities