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Indian Economy

A UN report on the Asia-Pacific region has urged the regional powers to invest in inclusive and sustainable growth. The UN Economic and Social Survey of Asia and the Pacific 2018 was launched here on Tuesday and urged countries to take advantage of high growth rate and share the benefits with the national society.

“Governments of countries in the Asia-Pacific region are advised to take advantage of the currently favourable economic conditions in order to address vulnerabilities and enhance the resilience, inclusiveness and sustainability of their economies,” stated the report.

The report was launched at the Indian Council for Research in International Economic Relations (ICRIER) by Rupa Chanda, head of ESCAP’s South and Southwest Asia Office, and Jaimini Bhagwati, RBI Chair, Professor, ICRIER.

The report described South and Southwest Asia as the fastest growing sub-region of the Asia-Pacific region and urged the countries to increase social spending. Both the speakers urged rationalisation of tax base and sought careful consideration before implementing economic reforms. “For less developed countries, the role of external sources of finance, such as official development assistance, South-South cooperation, and global development partnerships... remains critical,” said the report.

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