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Paperback • 2012
Pages: 234
ISBN: 9788171889693
For Sale in South Asia Only

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Publisher:
Academic Foundation

Economic and Social Survey of Asia and the Pacific 2012

Pursuing Shared Prosperity

United Nations

About the Book

<p>The Asia-Pacific region continues to face a deeply challenging external environment. The V-shaped recovery from the depths of the 2008-2009 global financial crisis in 2010 proved to be short-lived, as the world economy entered the second stage of the crisis in 2011, due to euro zone debt concerns and the continued uncertain outlook for the United States economy. The region will be affected by slackening demand for its exports and higher costs of capital, as well as by loose monetary policies and trade protection measures of some advanced economies.</p> <p><br /> Despite the slowdown, Asia and the Pacific remains the fastest growing region globally. It also serves as an anchor of stability and has emerged as a growth pole for the world economy. South-South trade with Asia and the Pacific in 2012 will help other developing regions, such as Africa and Latin America, further reduce their dependence on low-growth developed economies.</p> <p><br /> Another key challenge for the Asia-Pacific region is volatile and high commodity prices, which are likely to become the "new normal" of the global economy. The commodity boom presents risks as well as opportunities. Price shifts will change incentives, but the cautionary message is that less-developed economies should resist the impulse towards commodity specialization, which, in turn, can delay industrialization and economic diversification.</p> <p>&nbsp;</p> <p>The 2012 edition of the oldest and most comprehensive annual review of development in this vast and diverse region, the Economic and Social Survey of Asia and the Pacific highlights critical challenges and options for policymakers. These include the need to better manage the balance between growth and inflation; coping with capital flows and exchange rate volatility; addressing jobless growth and unemployment; and tackling serious and growing inequalities.</p> <p>&nbsp;</p> <p>Turbulence and volatility generate uncertainty. In these challenging times, the Survey 2012 can serve as a important resource to achieve more resilient, inclusive and sustainable development for Asia and the Pacific.</p>
Contents in Detail

Foreword

 

Preface

 

Executive Summary

 

Acknowledgements

 

Explanatory notes

 

Abbreviations

 

Sources of quotations

 

 

 


1.Pursuing shared prosperity in an era of turbulence


   Second phase of crisis in developed economies

 

   Differentiated exposure of the region to the
   developed world slowdown

 

   Intraregional flows help foreign direct
   investment to recover

 

   Natural disasters with regional repercussions

 

   Increased volatility in financial markets

 

   Remittances bolstering resilience

 

   Growth outlook for 2012

 

   Asia-Pacific growth forecast to decelerate

 

   Downside risks – euro zone crisis
   and oil price surge

 

   Key policy challenges for steering
   Asia-Pacific through turbulence

 

   Managing the growth and inflation balance

 

   Coping with soaring capital flows

 

   Unemployment remains a concern for
   youth and the vulnerable

 

   Rising income and social inequalities

 

   Mitigating risks from natural disasters

 

   Rebalancing towards better-quality growth

 

   Development-friendly global economic
   environment and governance
 

 

 

 

 

 

 


2.Macroeconomic performance and policy
   challenges at the subregional level


   Diverse performance of subregions

 

   East and North-East Asia

 

   Resilient growth in 2011 amid growing
   uncertainty

 

   Persistently high inflation poses challenge
   for policymakers

 

   Fiscal policy normalizes as private sector
   demand replaces government spending

 

   Monetary policy tightens to combat inflation

 

   Rise in trade moderates amid weakening
   global economic environment

 

   Capital inflows to the subregion negatively affected

 

   Currencies tread higher against the dollar

 

   Future outlook and policy challenges

 

   North and Central Asia

 

   GDP growth benefits from high commodity
   prices, while risks mount

 

   Inflation remains high but starts to decelerate

 

   Key macroeconomic policy developments
   and impacts

 

   Robust export growth, but outpaced
   by imports

 

   Future outlook and policy challenges

 

   Pacific

 

   Pacific island developing economies:

 

   Diverse economic performance

 

   Rising inflation rates

 

   Key macroeconomic policy responses

 

   Persistent current account deficits

 

   Future outlook and policy challenges

 

   Australia and New Zealand:

 

   Economic growth slowed partly due to
   natural disasters

 

   Inflation increased due to domestic supply
   disruptions from natural disasters

 

   Strong export performance driven by
   commodity boom

 

   Fiscal consolidation aimed over the medium-term

 

   Monetary policy eased

 

   Future outlook

 

   South and South-West Asia

 

   Growth moderates slightly but
   remains strong

 

   Inflation remains stubbornly high

 

   Monetary and fiscal policy responses

 

   Current account deficits widened due to stronger
   growth in imports than exports and slower
   growth in remittances

 

   Future outlook and policy challenges

 

   South-East Asia

 

   Growth moderates amid global uncertainties
   and natural disasters

 

   Inflation becomes a greater concern in 2011

 

   Monetary and fiscal policies can further
   support growth if needed

 

   External positions remain strong despite
   export slowdown and volatile capital flows

 

   Future outlook and policy challenges

 

 

 

 

 

 

 

 

3.Living with high commodity prices


   The commodity boom

 

   The main long-term driver

 

   Effects on terms of trade

 

   Implications for income convergence

 

   The challenges ahead

 

   The need for continuing manufacturing-led growth

 

   The need for balanced economic integration

 

   Avoiding the natural resources curse

 

   Coping with high food prices

 

   Adapting to an era of high commodity prices
 
 
References and further readings
 
 
Statistical annex


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