ESCAP East and North-East Asia Office and the Council on International Financial Cooperation (CIFC) of the Republic of Korea co-hosted the Launch and Panel Discussion of the UN Economic and Social Survey of Asia and the Pacific 2017 (2017 Survey) on 12 May 2017 in Seoul, Republic of Korea.
The 2017 Survey highlights that despite a broadly positive economic outlook for 2017, Asia-Pacific economies are vulnerable to prolonged weak external demand and rising trade protectionism. In view of such challenges, it shows that better governance and effective fiscal management are essential to achieving long-term economic and sustainable growth.
The Republic of Korea maintained a stable economic growth rate of 2.8 percent in 2016, mainly driven by relatively solid performance in key industries, such as construction of residential buildings and investment in intellectual property. The growth forecast is expected to remain moderate at 2.5-2.7 percent in 2017 and 2018 with downside risks of fragile export outlook and financial volatility. According to ESCAP, proactive fiscal policy and supporting structural reforms could play a vital role in stabilizing the economy and supporting development priorities.
Launching the 2017 Survey, Dr. Kilaparti Ramakrishna, Director and Head of ESCAP East and North-East Asia Office, said “The Survey advocates effective economic governance as critical to promote durable economic dynamism, social inclusiveness and environmental sustainability in the region.” He added that the topic is very timely in the context of the top priorities of the new administration and the issues that emerged at the recently concluded presidential election in the Republic of Korea.
“The Asia-Pacific region needs to develop new economic growth strategies that do not rely on traditional export markets, but rather encourage domestic and external demand through deeper regional cooperation and integration,” said Dr. Sunghwan Shin, Chairman and President of CIFC and Korea Institute of Finance.
Korean experts reaffirmed the role of their country in sharing good practices to support economic growth and financial infrastructure not only in the Asia-Pacific region, but around the globe.
Please download the 2017 Survey here: http://www.unescap.org/publications/economic-and-social-survey-asia-and-pacific-2017