2022-04-17-Escap-2022年亚洲及太平洋经济社会概览报告（EN）_208页_5mb

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

Core Content

The Economic and Social Survey of Asia and the Pacific 2022, titled "Building Forward Fairer", focuses on inclusive recovery and development in the region following the impact of the COVID-19 pandemic. It emphasizes the need for targeted fiscal and monetary policies, inclusive financial systems, and proactive structural transformation to ensure equitable outcomes and reduce inequality.

Main Points and Recommendations

1. Economic Recovery and Inequality

• The region experienced a robust rebound in 2021, driven by export demand, but the recovery is nascent and uneven.
• The K-shaped recovery has exacerbated inequalities between different sectors and groups, particularly informal workers, women, and youth.
• 85 million people were pushed into extreme poverty since the start of the pandemic, highlighting the economic and social scarring caused by the crisis.

2. Fiscal and Monetary Policies

• Fiscal constraints are significant, with many countries facing diminishing fiscal space and rising inflation.
• To ensure inclusive recovery, fiscal policies should maintain spending in healthcare, education, and social protection.
• "Spending smart" involves targeted and efficient expenditures, ensuring universal access to essential services and reducing inefficiencies.
• "Taxing fairly" is crucial, requiring progressive taxation, increased tax collection efficiency, and broadening the tax base, especially in the digital economy.
• Central banks should shift from a narrow focus on inflation stability to also support inclusive development, including monetary policies that address income and wealth distribution.

3. Central Banking for Inclusive Development

• Central banks in the Asia-Pacific region should engage more actively in promoting inclusive development.
• They can support this through monetary policy that includes social bonds and investment strategies that generate social benefits.
• Central Bank Digital Currency (CBDC) could enhance financial inclusion and reduce reliance on traditional banking systems, provided it is designed with clear objectives and supports digital infrastructure.

4. Structural Transformation and Inclusive Development

• Pre-distributive policies (before taxes and transfers) are more effective than redistributive policies in reducing inequality.
• Labour-intensive manufacturing and inclusive access to education are key to job creation and equitable growth.
• Technological innovation should be labour-friendly, and Governments must guide structural changes to ensure smooth transitions and inclusive outcomes.
• Inequality-minded policies and balanced development strategies are essential to poverty reduction and sustainable growth.

Key Information

• ESCAP is the most inclusive intergovernmental platform in the Asia-Pacific region, comprising 53 member states and 9 associate members.
• The 2030 Agenda for Sustainable Development is a central focus, with the goal of "leaving no one behind".
• Inflationary pressures and geopolitical tensions pose significant risks to economic recovery.
• Digitalization and innovative financial instruments (such as social impact bonds) are important for enhancing efficiency and financial inclusion.

Strategic Pillars of the Policy Agenda

• Spending Smart: Prioritize healthcare, education, and social protection with efficiency and universality.
• Taxing Fairly: Promote progressive taxation, close loopholes, and formalize economic activities to increase revenues.
• Guiding Structural Transformation: Encourage job-rich pathways, labour-friendly technologies, and inclusive education.
• Managing Labour Market Turbulences: Establish social protection floors, support lifelong learning, and regulate technological changes to mitigate inequality.

Conclusion

The "Building Forward Fairer" agenda underscores the importance of inclusive economic policies in the post-pandemic era. It calls for coordinated efforts between governments, central banks, and international stakeholders to reform the global financial system and support sustainable development. The Survey reinforces the idea that a fairer future is not only necessary but also achievable through targeted investments, progressive taxation, and inclusive structural reforms.