Macroeconomic Policy and Development

About

ESCAP promotes development-oriented macroeconomic policies that focus on productive employment and growth while maintaining reasonable macroeconomic stability. It emphasizes the need to consider the distributional consequences of macroeconomic policies and to overcome structural impediments. We design policies to enhance domestic resource mobilization, promote economic diversification and boost productive capacities through, among other things, fiscal expenditure prioritization and inclusive finance for development.

ESCAP emphasizes a strategy for regional cooperation and integration for narrowing development gaps among member States. We provide advisory services to member States to take opportunities for a broader integrated regional market and financial cooperation that is comprehensive and creates a space for balancing economic, social and environmental goals.

ESCAP supports the least developed countries, landlocked developing countries and small island developing states in closing their development gaps through the regional implementation of the Istanbul Programme of Action, Almaty Programme of Action and Mauritius Strategy, in close collaboration with other United Nations agencies, regional development partners and national institutions. It also supports the implementation of the Millennium Development Goals and other internationally agreed development goals and the articulation of the post-2105 development agenda through the preparation and dissemination of knowledge products and advocacy outreach. ESCAP provides capacity and technical assistance to these countries in implementing development programmes at the regional and national levels and accelerating their development process.

Economic Resilience

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.

Macroeconomic Monitoring

The recent financial crisis coupled with food and fuel crises and the external effects of policies in advanced economies has highlighted the importance of having effective, timely, consistent and relevant macroeconomic monitoring systems, which can provide early warning of potential downturns and make the region better prepared to withstand future economic and financial crises. Such monitoring systems also foster an enabling economic environment for inclusive, resilient and sustainable growth and development.

Financing for Development

Financing for Development is an important agenda for the Asia-Pacific region, which has wide development gaps and over 763 million people living on less than $1.25 a day in 2011. ESCAP has estimated that the region would require additional resources of about $300 billion per year between now and 2015 to achieve the Millennium Development Goals.

Regional Economic Cooperation and Integration

ESCAP emphasizes that deepening economic integration and cooperation in the region could be mutually beneficial to all countries and instrumental in the achievement of key developmental goals.

Millennium Development Goals

The Millennium Development Goals (MDGs) have helped rally political support for global efforts to reduce poverty and achieve sustainable human development. The Asia-Pacific region as a whole has achieved considerable success with the MDGs, particularly in reducing income poverty. Nevertheless, the region is off track in several areas.

Countries With Special Needs

The group of 31 countries with special needs in the Asia-Pacific region is comprised by least developed countries (LDCs), landlocked developing countries (LLDCs) and small island developing States (SIDS).