ESCAP recommends that if the region is to shift to a more sustainable development strategy driven by domestic demand, greater focus must be placed on productivity along with commensurate increases in real wages. According to ESCAP, a productivity-driven, wage-led approach would enable countries to increase their aggregate supply and demand, thereby enhancing well-being.
As nations begin implementing the 2030 Agenda for Sustainable Development, the next phase of Asia-Pacific economic growth should be driven by broad-based productivity gains, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its flagship publication Economic and Social Survey for Asia and the Pacific 2016.
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To boost productivity, the survey recommends a cross-sectoral and integrated approach. It notes that several countries in the region are deindustrializing too early in their development, by shifting from agriculture-based economies to ones in which services play a dominant role.
The survey estimates that a modest increase in agricultural productivity could lift an additional 110 million people out of poverty by 2030, but that improvements in knowledge and skills will be critical, to enable absorption of the large pools of surplus labour that are being released in the rural sector.
Identifying the important role of fiscal policy in reviving economic growth and supporting the 2030 Agenda, Dr. Akhtar emphasized that: “Fiscal initiatives should be underpinned by sustained reforms towards an efficient and fair tax system that delivers the necessary revenues and promotes equity.” (SH)
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