2022年亚洲及太平洋经济社会概览报告（英）-208页_5mb

Building Forward Fairer: Economic and Social Survey of Asia and the Pacific 2022

Core Content

The Economic and Social Survey of Asia and the Pacific 2022, titled Building Forward Fairer, emphasizes the need for inclusive economic recovery and development in the wake of the COVID-19 pandemic. It outlines a comprehensive policy agenda aimed at reducing inequalities, enhancing social protection, and promoting sustainable and equitable growth across the region.

Main Views

• The Pandemic's Impact: The pandemic has led to a K-shaped recovery, where some sectors and groups have rebounded while others have been left behind. This has pushed 85 million people into extreme poverty since the start of the pandemic, especially those in the informal economy, women, and youth.

• Inclusive Recovery Strategy: The survey argues that increased and targeted spending on health care, education, and social protection is essential for an inclusive recovery. It also calls for fair taxation and the expansion of the tax base to support fiscal sustainability and reduce inequality.

• Role of Central Banks: Central banks in the Asia-Pacific region are urged to shift their focus from merely maintaining inflation stability to promoting inclusive development. This includes considering the impact of monetary policy on income and wealth distribution, and exploring central bank digital currencies (CBDCs) to enhance financial inclusion and revenue collection.

• Structural Transformation: The survey highlights the importance of pre-distributive policies in shaping more inclusive economic development. It advocates for labour-friendly technologies, education equity, and inclusive access to public services to ensure equitable growth and job creation.

• Global Cooperation: There is a call for international cooperation in tax reform, especially for the digital economy, to improve fiscal revenues and debt sustainability in developing countries.

Key Recommendations

• Spending Smart: Governments should prioritize targeted and efficient spending in health care, education, and social protection to minimize the long-term effects of the pandemic and promote inclusive outcomes.

• Taxing Fairly: Enhancing tax progressivity, improving collection efficiency, and formalizing economic activities are necessary to ensure fair fiscal contributions and support sustainable development.

• Inclusive Monetary Policy: Central banks should adopt monetary policies that consider income distribution and support social bonds, contributing to economic equality.

• Managing Structural Changes: Governments must proactively guide structural transformation towards job-rich and inclusive paths, especially in the context of technological innovation and global value chains.

• Promoting Digital Transformation: The digital transition presents opportunities for financial inclusion and fiscal efficiency, but requires careful implementation and digital literacy.

Critical Information

• The Asia-Pacific region has 53 member states and 9 associate members under the ESCAP framework, which supports sustainable development and cooperation.

• Fiscal constraints are a major challenge, with many countries facing shrinking fiscal space and rising inflation.

• China's structural shifts and zero-COVID strategy have significant implications for regional trade and tourism-dependent economies.

• Social impact bonds and sustainability-linked bonds are proposed as innovative financial instruments to support inclusive development.

• The Survey is a flagship publication of ESCAP, produced with expert contributions from across the United Nations system and external stakeholders.

Conclusion

The Building Forward Fairer agenda underscores the necessity of inclusive economic policies to ensure that no one is left behind in the post-pandemic recovery. It calls for a balanced approach to fiscal and monetary policies, structural transformation, and global financial reforms, emphasizing that a fairer future is not only possible but essential for sustainable development.