7 May 2018: The UN Economic and Social Commission for Asia and the Pacific (ESCAP) has launched its annual flagship survey of the region, which shows strong economic performance and an overall increase in economic growth from 5.4% in 2016 to 5.8% in 2017. Besides providing a macroeconomic survey of the region, the report proposes ways that public and private-sector organizations can make the necessary financing available for implementing the 2030 Agenda.

The report titled, ‘Economic and Social Survey of Asia and the Pacific: Mobilizing Finance for Sustained, Inclusive and Sustainable Economic Growth,’ projects further regional economic growth in 2018 and 2019. The authors warn, however, that some countries face growing financial vulnerability and rising levels of private and corporate debt, uncertain commodity prices, and low or falling capital reserves. The report also provides an analysis by sub-region, taking into account the diversity across the Asia-Pacific, from small island developing States (SIDS) to the more developed economies of North and Northeast Asia.

The authors propose introducing carbon taxes as a way to provide a stable base for increased financing for development.

To provide a stable base for increased financing for development, the authors propose: implementing tax reforms, including improving compliance and achieving efficiency in collection; undertaking prudent sovereign borrowing from financial markets; and introducing carbon taxes, among other measures. They suggest that tax reform and strengthening tax collection could add 8% to the gross domestic product (GDP) of countries such as Myanmar or Tajikistan; and about 3-4% in larger countries, such as China, India or Indonesia. They note the great potential of FinTech (financial technology) for improving access to credit and equity, for example, through crowdfunding; and for improving financial inclusion, for example, through extending banking services to remote places, and enabling money transfers.

In her foreword to the report, ESCAP Executive Secretary Shamshad Akhtar emphasizes that long-term economic prospects depend on the environmental and social impacts of growth and the distribution of its benefits, noting that SDG 8 calls for promoting sustained, inclusive and sustainable economic growth.

The report concludes that the current strong economic performance in the Asia-Pacific region provides opportunity for governments to initiate policies that will bring about resilient, inclusive and sustainable economies. ESCAP launched the report in Bangkok, Thailand, on 7 May 2018. [Launch announcement] [Report webpage] [Publication: Economic and Social Survey of Asia and the Pacific 2018] [UN press release]