On 25-26 October 2010, ESCAP organized a high-level consultation on the agenda of the G20 Seoul Summit, in response to the
request to facilitate discussion of non-G20 perspectives, made by this year’s G20 chair, the Republic of Korea during ESCAP’s
66th Commission session in May 2010. At the consultation, representatives of 26 ESCAP member countries discussed key issues
related to growth and recovery, narrowing development gaps, financial stability and reforms in global governance. It was co-chaired
Although the Asia-Pacific region has made significant progress towards the Millennium Development Goals (MDGs),
most of its countries are still off-track on one or more indicators. This policy brief examines what would it take
for countries in the Asia-Pacific region to meet their MDG targets by 2015. It first focuses on the income-poverty
gap which continues to persist despite high rates of growth. It then goes on to provide estimates of the resources
Asia-Pacific economies are increasingly concerned about the impact of the public debt crisis in a number of European economies. In recent months, the scale of public debt in Greece in particular, but also in Ireland, Portugal and Spain, has led to credit downgrades and increases in the debt servicing costs of those countries. In response, their Governments have pledged to close their fiscal deficits and decrease their levels of debt in the coming years through stringent programmes of budget cuts, as affirmed recently by the G-20.
The triple threats to development1 in 2008 and 2009 highlight the need to strengthen social protection systems in
Asia and the Pacific. This Policy Brief provides reasons why this strengthening should be a critical component of the
region’s development agenda, and shows that a number of innovative initiatives in this area have already been
implemented, pointing the way forward. There is a need to build on such initiatives so that their full countercyclical
macroeconomic stabilizing effect can be tapped into before threats materialize.
In the current global financial crisis, 15 September 2008 marked a
decisive turning point. It was the day that the American investment
bank Lehman Brothers Holdings, Inc. collapsed, exacerbating the
financial turmoil and causing an extraordinary downward spiral in
confidence. It was also the day on which the crisis truly hit Asia-
Pacific shores, spreading beyond its equity markets and posing the
greatest threat to development since the financial collapse of 1997.
The impact on the region was seen most immediately in the financial