The 2017 survey, considering factors affecting all the countries of the Asia Pacific region, points out the necessity of comprehensive measures to tackle inequality such as progressive taxation, social assistance and labour market policies. “In the context of slower economic growth, sustained poverty reduction would need to rely more on enhancing income distribution and addressing non-income factors,” states the report.
The 2017 survey have pointed out that the quality of governance of countries of the region have indicated direct affects in development outcomes through its impact on the composition and efficiency of public expenditure.
It also has indicated that China’s role as ‘a originator and a transmitter of shocks’ has increased in the recent years and will have multiple effects on the regional economy depending on the stability of the country.
Growth in India is forecast at 7.1 per cent this year as re-monetisation restores consumption, and infrastructure spending increases. Relatively higher oil prices are projected to lift economic growth in the Russian Federation by 1.1 per cent in 2017 after last year’s contraction of 0.2 per cent.
The availability of decent jobs is still a challenge for the entire region, according to the analysis of the survey. And there is a top necessity within the region to implement effective methods improving the flow of information across relevant Government departments.
The main event of the survey launch was held in Bangkok, Thailand at an event presided by
United Nations Under-Secretary-General and ESCAP Executive Secretary Dr. Shamshad Akhtar.
The launch was held in Colombo at a special event recently. The Chief Guest of the event was Governor of the Central Bank Dr. Indrajith Coomaraswamy. United Nations Resident Coordinator Ms. Una McCauley, Economic Affairs Officer of ESCAP Jose Antonio Pedrosa Garcia and Research Director of Verite Research Subhashini Abeysinghe were also present at the event.