Asia and the Pacific region has been facing a challenging external environment with a series of global and regional economic crises. The slow growth of developed economies, reduced demand for regional exports, higher costs of capital, and the volatility of financial and commodity markets continue to pose threats to the region’s inclusive growth and sustainable development.
These crises clearly demonstrate that unless solutions are found through international, regional, and country-level policy reforms for dealing with structural problems such as growing disparities, global economic imbalances, commodity price volatility, and uncertainty arising from spill over effects of policy developments in developed countries, the regional economies will remain as vulnerable to future crises as they were before
ESCAP is mandated to formulate and implement a coherent set of policy responses to mitigate the impact of global and regional economic crises, ensure fast recovery, and improve the region’s resilience against future crisis. ESCAP promotes dialogue among member States to focus attention to the long pending agenda of reform of international financial architecture covering all different aspects from crisis prevention and management to development financing and governance of international financial institutions.