The Asia Pacific regions recorded strong economic growths in 2017, the United Nations announced. The growth can now give more resources which are critical to the execution of the 2030 Agenda for Sustainable Development.
“The prospects for mobilizing financing for development purposes are promising,” The Executive Secretary of ESCAPShamshad Akhtar, told reports.
In further details, the economies that recorded growth indicated an overall growth of 5.8 per cent in 2017. This is an up compared to the data posted 5.4 per cent increase last year, the Economic and Social Survey of Asia and the Pacific – ESCAP told reports.
The outlook for 2018 and 2019 reveals that these economies can still grow 5.5 per cent more. However, uncertainties over China’s debt levels might play a huge part on this. More so, India can counterbalance this issue with the country’s recover and stable performance among the other regions.
Asia Pacific Macroprudential Measures
Furthermore, the posted results also indicated that the macroprudential measures should lessen the risk. The macroprudential measures provides data for financial system that is being used. This can make the economy much more stable in the process.
The fundamentals will be needing improvements. This will be significant since the medium-term expectations estimates a declining growth trend. This will be likely visible in several countries in where populations are ageing, slower capital accumulation and modest productivity gains.
More so, “rapid technological advancements, while promising immense opportunities are also posing considerable challenges in terms of job polarization and income and wealth inequalities,” Ms. Akhtar, added further.
“Lifting productivity will require a ”whole-of-Government approach” for fostering science, technology and innovation and investments in relevant skills and infrastructure,” ESCAP told reports. The organization also pressed on the necessity to improve the social protection and efficient use of resources.
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