Launch of the Economic and Social Survey of Asia and the Pacific 2014 in ROK

Asia-Pacific developing economies are experiencing yet another year of subdued growth, said the United Nations, calling for quick action on the removal of domestic structural constraints and the unlocking of fiscal space to help stimulate growth and support social development.

The 2014 edition of the Economic and Social Survey of Asia and the Pacific lays out a blueprint for mobilizing resources, focused on strengthening tax revenues which fall far short of their potential in most countries in the region.

Trade-driven East and North-East Asia is expected to grow moderately at 4.1 per cent in 2014 against 4.2 per cent last year, ESCAP said at the recent launch held in Bangkok.

For the Republic of Korea, the economic growth in 2014 is expected to increase further to 4%, up from 3% growth in 2013, supported by the fiscal stimulus package announced in July 2014. One of the key challenges has been stimulating domestic demand, which has been sluggish due to low real income growth and flat household real wealth. Additionally, the external environment continues to pose a challenge for the economy.

The report finds that trade-restrictive measures in advanced economies may have resulted in a loss of around $15 billion in goods export opportunities between 2009 and 2013 for the economy.

ESCAP East and North-East Asia Office will hold a country launch of the publication on 28 August 2014 in Seoul, Republic of Korea. It will be part of the two-day annual conference of the 23rd Northeast Asia Economic Forum. The flagship publication of ESCAP – the regional arm of the United Nations – provides policy options for governments to overcome challenges and maintain the pursuit of inclusive and sustainable development in Asia and the Pacific.

For further information about the event or to set up individual interviews, please contact:

Ms. Yejin Ha
Economic Affairs Officer, ESCAP-ENEA
Office: +82-32-458-6621, Mobile: +82-10-2925-8172
ha@un.org