Home / Knowledge / News / Textiles / Boost domestic demand to revive growth: ESCAP
Boost domestic demand to revive growth: ESCAP
19
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

Cotton production and exports in West Africa. Courtesy: FAS/USDA

Textiles | On 23rd Oct 2018

Record cotton production to drive West Africa exports

Cotton exports from West Africa for 2018-19 are projected to surpass...

Courtesy: Prudence Earl on Unsplash

Textiles | On 23rd Oct 2018

Sri Lanka's textile exports up 4.7% in Jan-July '18

Sri Lanka’s earnings from textiles and garments exports increased by...

Courtesy: Mario Crosta

Textiles | On 23rd Oct 2018

'Global textile machinery market may grow at 14% by 2020'

Analysts have predicted that the global textile machinery market may...

Interviews View All

Top executives, Indian retail players

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search