Economic growth performance in the Asia-Pacific region continues to improve on the back of firmer global demand and stable inflation. The tasks at hand are to ensure that such economic performance is sustained over time, that it benefits everyone and that any adverse environmental implications are minimal.
Financial risks and protectionist trade measures weigh on the near-term macroeconomic outlook, while medium-term challenges, such as lifting the region’s potential for economic growth and reducing poverty on a sustained basis, persist. Furthermore, while rapid technological advancements present immense opportunities, they can also pose considerable challenges in terms of job polarization and income and wealth inequalities. China’s pursuit of innovative, inclusive and sustainable economic growth could also have important regional impacts through trade, investment and other channels.
The implementation of the necessary policy initiatives will require not only the channelling of existing financial resources of both the public and private sectors towards sustainable development, but also the mobilization of additional financial resources.
The Economic and Social Survey of Asia and the Pacific 2018 contains an examination of how Governments of countries in the Asia-Pacific region could increase domestic public financial resources and leverage private capital to strengthen their long-term economic prospects. It contains estimates on how much additional finance countries may mobilize from such measures as reforms in tax administration or tax incentives, introduction of carbon taxes, prudent sovereign borrowing from financial markets and creation of an enabling environment for public-private partnerships.
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