UNESCAP Survey "Making Growth More Inclusive for Sustainable Development" : Highlights

UNESCAP Survey “Making Growth More Inclusive for Sustainable Development” : Highlights

UNESCAP has recently published a survey on making growth more inclusive. Discuss the highlights of the report.

• The survey entitled Making Growth More Inclusive for Sustainable Development was released on May 14, 2015 by UNESCAP

• Survey analyses economic growth performance of the region along with outlook and challenges

Highlights

• Economic growth in Asia Pacific region will fare well in international context but only increase slightly to 5.9% in 2015 from 5.8% in the previous year

• Unlike other parts of this region, Central and North Asia will experience high inflation and low economic growth

• Russian Federation’s economy will contract over 2015-2016

• Inflation has increased in several economies as declining commodity prices have led to subdued foreign exchange earnings and weakening of currencies

• Economic growth in South as well as South West Asia remained far below pre-crisis stage, though it did improve due to strong macroeconomic performance by India

• Consumption led growth was fuelled by favourable farm incomes, remittances from abroad and monetary easing.

Facts and Stats

• Survey predicted Indian economic growth at 8.1% in the current fiscal and 8.2% in 2016

• The survey also predicted strong consumer spending amid low inflation, infrastructure projects and government reform measures

• Investment will also rebound though unevenly given low capacity utilisation rate at 70%

• Volatile capital flows following monetary policy normalisation in the US remain the downside risk