ESCAP has released a new report ‘Review of Economic and Social Survey of Asia and the Pacific.’ It notes that, according to forecasts, in 2015 the economic growth in the region will remain at 2014, and will reach 5, 9 percent. Inflation will remain low due to low world oil prices.
ESCAP, one of the regional economic commissions of the United Nations, was created in 1947 for the development of multilateral intergovernmental regional cooperation in the economic and social spheres. Its headquarters is located in Bangkok, Thailand.
The Commission consists of 53 states, which includes the countries of Central Asia, Azerbaijan, Armenia and the Russian Federation.
The new report says that the real income in the developing countries of the region doubled since 1990, and special impressive achievements gained by China. In this country for 25 years, real income per capita rose sevenfold. Well-being of residents of Bhutan, Vietnam and Cambodia rose three times.
Due to economic growth, millions of people in Asia and the Pacific were able to break out of poverty. The region was able to fulfill one of the Millennium Development Goals – by the end of 2015 to halve the proportion of people living on one dollar a day.
However, the report highlights that economic growth in the region is still accompanied by a widening gap in incomes and a serious depletion of natural resources.
“In order to achieve growth in prosperity of the country, it is necessary to ensure not only the reduction of income inequality, but also to create equal opportunities for the different strata of the population,” noted Shamshad Akhtar, ESCAP Executive Secretary.