The 1998 Economic and Social Survey for Asia and the Pacific says current crisis should not undermine development plans.  The preoccupation with the current economic crisis in several Asian countries should not undermine their commitment to the fundamental objective of long-term development: growth with equity.

This is one of the major conclusions of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its 1998 Economic and Social Survey for Asia and the Pacific.

While economic growth in developing economies had decelerated in 1997 as a result of the serious economic turmoil faced by several countries of South-East Asia, countries of South and South-West Asia maintained robust growth.  Also no major deceleration is anticipated for China.  "Most Central Asian Republics staged a significant recovery from the prolonged recession which had plagued them since the early 1990s", the Survey says.

For the least developed countries also, economic growth generally strengthened during 1995-1996 and remained strong in 1997.  The Pacific Islands economies, which have their own diverse structures and ability to respond to internal and external shocks, have not been directly affected by the financial turmoil in the region, but their general economic performance remained unsatisfactory, the Survey points out.  (A copy of the Survey can be obtained at ESCAP in Bangkok).