Economic and Social Survey of Asia and the Pacific 2013: Year-end Update

Review report19 Dec 2013

Growth performance in developing Asia-Pacific economies is expected to rebound moderately after a sluggish 2013 but growth will remain subpar. The key economies of China, India, Indonesia and Thailand with large domestic markets have experienced moderate growth in 2013 compared to their recent strong performance. The region may continue to experience a “new normal” of lower growth compared to recent years—as highlighted in the Survey 2013.

The region will be impacted by an uncertain recovery and related policies in the developed world. Trade protectionist policies in the developed world are significantly impacting exports and GDP growth rates in the region.

Inherent macroeconomic weaknesses and structural impediments continue to affect larger economies of the region. Growing economic and social inequality, including remaining gender inequalities, are having considerable negative impacts on shared prosperity. Job creation is mixed and concerns about job quality remain pervasive.

The 2013 Year-end Update of the annual ESCAP flagship publication, Economic and Social Survey of Asia and the Pacific, considers the implications of these challenges for policymakers in the region. The key policy messages of the Update are the need for forward-looking macroeconomic policies and enhanced regional cooperation for more inclusive and sustainable development.