Economic and social survey of Asia and the Pacific 2022: building forward fairer, economic policies for an inclusive recovery and development

The Asia-Pacific region has experienced rapid economic growth, but this has not been inclusive enough, leading to increased income inequality and vulnerability to the COVID-19 pandemic. Policymakers and experts are concerned about a K-shaped economic recovery and the need for consistent long-term inclusive development. The Economic and Social Survey of Asia and the Pacific 2022 will analyze the importance of effective government actions and fiscal, monetary/financial, and structural policies in enhancing inclusiveness, considering the impacts of COVID-19.

Format: Paperback / softback
Length: 205 pages
Publication date: 30 June 2022
Publisher: United Nations

The Asia-Pacific region has emerged as a global economic powerhouse in recent decades, driven by robust growth. However, this rapid expansion has come at the cost of insufficient inclusiveness, posing significant challenges to the region's future economic and broader development prospects. The COVID-19 pandemic has further exposed the region's vulnerability, highlighting the urgent need for inclusive growth. According to the Survey 2021, the pandemic could have pushed 89 million people in the Asia-Pacific region into extreme poverty, exacerbating income inequality trends already prevalent in the region. Policymakers and experts across the globe are increasingly concerned about the potential for a K-shaped economic recovery, both within and across countries. They are committed to ensuring that the post-pandemic recovery is aligned with long-term inclusive development goals. This commitment is reflected in international frameworks such as the 2030 Agenda for Sustainable Development, which emphasizes the importance of distributional issues in global policymaking.

In response to these challenges, the Economic and Social Survey of Asia and the Pacific 2022 will delve into the role of economic policies in promoting inclusive development. The survey will analyze the significance of effective government actions, including fiscal, monetary/financial, and structural policies, in enhancing inclusiveness. It will also consider the profound impacts of COVID-19 on inclusiveness and inequality, recognizing the need for tailored strategies to address these issues.

The Asia-Pacific region has a unique set of opportunities and challenges in promoting inclusive development. On the one hand, the region's rapid economic growth has created a large middle class and provided opportunities for millions of people to escape poverty. However, income inequality remains a significant concern, with a small percentage of the population holding a disproportionate share of wealth. Additionally, the region faces challenges such as urbanization, climate change, and geopolitical tensions, which can exacerbate social and economic disparities.

To address these challenges, policymakers and experts in the Asia-Pacific region are exploring a range of strategies. One key approach is to invest in education and skills development, which can help create a more skilled and productive workforce and promote economic growth. Additionally, policies aimed at reducing income inequality, such as progressive taxation and social safety nets, can help ensure that benefits of economic growth are shared more broadly.

Another important aspect of promoting inclusive development is addressing the needs of marginalized communities, such as women, children, and persons with disabilities. This includes implementing policies that promote gender equality, provide access to quality education and healthcare, and ensure that marginalized communities have equal opportunities to participate in the economy.

In addition to government actions, the private sector can also play a significant role in promoting inclusive development. Companies can adopt inclusive business practices, such as providing equal opportunities for employment and promoting diversity and inclusion in their workforce. They can also invest in social and environmental initiatives that benefit communities and the environment, such as sustainable agriculture and renewable energy.

International cooperation and collaboration are also essential in promoting inclusive development. The Asia-Pacific region is home to many diverse countries and cultures, and cooperation among these countries can help share best practices and resources for promoting inclusive growth. This includes initiatives such as the Asia-Pacific Economic Cooperation (APEC) and the United Nations Development Programme (UNDP), which work to promote economic development, social progress, and environmental sustainability in the region.

In conclusion, the Asia-Pacific region has experienced significant economic growth in recent decades, but this growth has come at the cost of insufficient inclusiveness. The COVID-19 pandemic has further exposed the region's vulnerability and highlighted the urgent need for inclusive growth. Policymakers, experts, and the private sector in the region are committed to promoting inclusive development through a range of strategies, including education and skills development, income inequality reduction, and the promotion of marginalized communities. International cooperation and collaboration are also essential in achieving these goals. By prioritizing inclusive growth, the Asia-Pacific region can ensure a more prosperous and sustainable future for all its citizens.

Dimension: 300 (mm)
ISBN-13: 9789211208375