Launch of Economic and Social Survey of Asia and the Pacific 2015: Year-end Update
The Year-end Update of ESCAP’s annual flagship publication, the Economic and Social Survey of Asia and the Pacific, will highlight that economic growth in the Asia-Pacific region in 2015 and 2016 is expected to be markedly less robust compared to the preceding years, and especially after the global financial and economic crisis that started in 2008. This slowdown highlights the need to reinvigorate domestic and regional sources of demand, especially when considering the newly-adopted 2030 Agenda for Sustainable Development, a historic, universal and transformative development agenda for the next 15 years.
The Year-end Update also notes that while slower economic growth and lower inflation favour further interest rate reductions, capital outflow and exchange rate considerations, together with financial stability concerns in some countries, call for prudence. Given reduced maneuvering room for monetary policy, the report calls for a more proactive fiscal stance to provide countercyclical support and strengthen the foundations for robust and inclusive growth. The report also highlights risks for growth prospects due to rapid increases in household and corporate debt in some economies. In addition, the Year-end Update will explore how implementation of the 2030 Agenda should also address overarching medium-term priorities in the region, including making economic growth more inclusive and strengthening productivity.