15 May 2017: The UN Economic and Social Commission for Asia and the Pacific (ESCAP) estimates that an annual investment of 8% of the Asia-Pacific’s GDP will be needed to achieve the SDGs in the region by 2030, which is around US$800 billion a year. The regional commission suggests that the financing come from domestic taxation and efficiency gains in tax administration, as well as from a regional tax on financial transactions. The recommendations are contained in a report on social development, titled ‘Sustainable Social Development in Asia and the Pacific: Towards a People-Centred Transformation,’ which was released in conjunction with the Commission’s 73rd session from 15-19 May 2017. While the report prioritizes domestic sources of finance, its authors also note that Official Development Assistance (ODA) will still be needed, complemented by South-South cooperation. The report highlights that regional GDP doubled between 1990 and 2014, but inequity has also risen within countries.

While some social development gains have been made in the areas of life expectancy, access to primary education, and provision of safe drinking water, these “have not been matched” with progress on old-age pension schemes, creation of decent jobs, access to sanitation and quality of education. SDG target 6.2 on access to sanitation for all is highlighted as an area in which rapid progress will be needed to meet the 2030 deadline.

The report proposes a six-point policy framework for strengthening social development in the region. The framework calls for: creating decent jobs; broadening social protection coverage, including the setting of social protection floors; providing universal education, healthcare, and access to basic infrastructure; promoting gender equality and women’s economic empowerment; enhancing financial inclusion through enabling access to modern financial services, for example through mobile banking technology; and ensuring social inclusion of vulnerable groups such as youth, indigenous peoples, and persons with disabilities.

The authors conclude that countries in the region are well placed to achieve the SDGs by the 2030 deadline, as long as governments prioritize sharing the fruits of economic growth equally. [Report Webpage] [Publication: Sustainable Social Development in Asia and the Pacific: Towards a People-Centred Transformation]