Home / Knowledge / News / Textiles / Boost domestic demand to revive growth: ESCAP
Boost domestic demand to revive growth: ESCAP
Jan '16
Economic growth in the Asia-Pacific region is neither robust nor inclusive enough to support the 2030 Agenda for Sustainable Development, according to the year-end update of the flagship report of the United Nations Economic and Social Commission for Asia and the Pacific. The report, released last week in Bangkok by Dr. Shamshad Akhtar, Executive Secretary of ESCAP, highlights the importance of reinvigorating domestic demand and recommends that countries take a more proactive stance on fiscal policy and strengthen productivity rather than relying excessively on debt to sustain growth.

“The adoption of the 2030 Agenda comes at a time when the global policy makers are still struggling to revive economic growth despite taking extraordinary measures. While the 2030 Agenda promotes a broader concept of human welfare, robust growth is important for creating jobs and improving overall development outcomes”, said Dr. Akhtar. She added that “the slowdown in the region's economic growth is raising doubts about Asia and Pacific's continued ability to lead the way forward to global economic recovery.”

The year-end Update of the Economic and Social Survey of Asia and the Pacific 2015 shows that developing economies in the Asia-Pacific region grew by an estimated 4.5 per cent in 2015, the lowest since 2009, as private consumption and investment slowed down while exports remained sluggish. An expected boost from the moderate recovery in advanced economies and lower international commodity prices has been offset by the gradual slowdown in the Chinese economy, which is also impacting equity and currency markets in China as well as the region and beyond. This seems to be just a financial market correction as economic fundamentals of China remain broadly strong. Nevertheless, China does face substantial challenges to sustainability of its growth such as high inequalities, rapid accumulation of private debt, and serious pollution issues.

A modest rebound to 5 per cent growth is forecast for 2016, compared to an average 9.4 per cent growth in 2005-2007 before the global financial and economic crisis. Other than weak external demand, domestic factors such as weak productivity and wage growth, infrastructure bottlenecks, and slower implementation of reform measures are holding back the growth potential of the region.


Must ReadView All

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Courtesy: Commonwealth Bank of Australia

Textiles | On 25th Oct 2016

World’s first cotton shipment using Skuchain’s Brackets

The world’s first trade transaction involving shipment of cotton...

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search