Published Date: May 13, 2015
UN ESAP 2015 to be launched tomorrow
Islamabad-The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) 2015 will be launched here on tomorrow (Thursday). ESCAP 2015 edition will carry new multidimensional index of inclusiveness that captures the economic, social, and environment dimensions of development. The Index allows comparative scoring of the multidimensional aspects of inclusiveness across different time periods, thus assisting policymakers to better review and monitor progress on inclusive growth.
A well placed source at Finance Ministry told Pakistan Observer here on Tuesday that the flagship publication of ESCAP would be lunched, simultaneously over 30 locations around the world, including Islamabad and other capitals in the ESCAP region, as well as New York, Geneva and hubs in Latin America and Africa. The growth potential of Asia-Pacific developing economies is being held back by infrastructure shortages and the excessive commodity dependence of some countries. The focus of the publication is likely to be on sustainable development to succeed; economic growth must be made more inclusive.
In this regard, a ceremony will be held here, where the renowned economists will highlight the key points of the report. Former Chief ESCAP Macroeconomic Policy and Analysis Section Dr. Muhammad Hussain Malik, Dean School of Social Sciences NUST Professor Ashfaque Hasan Khan and Executive Director, Sustainable Development Policy Institute (SDPI) Dr. Abid Suleri with be key speakers at the launching ceremony. While in Bangkok office, United Nations Under-Secretary-General and ESCAP Executive Secretary Dr. Shamshad Akhtar, will launch the annual ESCAP flagship publication. The Economic and Social Survey of Asia and the Pacific has been monitoring regional progress, providing cutting-edge analyses and guiding policy discussion on the current and emerging socioeconomic issues and policy challenges to support inclusive and sustainable development in the region since 1947.
ESCAP is committed to a resilient Asia and the Pacific founded on shared prosperity, social equity and sustainability with a vision to be the most comprehensive multilateral platform for promoting cooperation among member States to achieve inclusive and sustainable economic and social development in Asia and the Pacific. In January this year, ESCAP 2014: Year-end Update forecasted that Asia and the Pacific to see a moderate increase in growth in 2015. This will be driven by better growth in a range of developing economies, aided by structural reform programmes, which are likely to improve the domestic business environment.
Several exporting economies will exhibit relatively unchanged growth at moderate levels, with a positive factor being the seemingly sustained recovery in the United States, although slow growth in the Euro Zone and Japan will remain a challenge. At the same time, moderate or decreasing inflation in several economies could allow them to maintain accommodative monetary policies to support growth. Moreover, the dramatic recent decline in oil prices is likely to have significant macroeconomic policy implications, both positive and negative, depending on the level of commodity-dependence of each economy.
Despite a fairly positive outlook, the region faces a number of risks and challenges. These include domestic structural concerns and the likely impact of capital volatility. There are two key crosscutting domestic structural challenges that affect the supply capacity of economies – infrastructure deficits and labor market imperfections. Shortage of infrastructure has prevented growth in manufacturing and trade for domestic and export markets across the region. Lack of human capital formation through education and skills training that meet the needs of higher value-added business sectors have led to insufficient creation of decent jobs.