Macroeconomics needs improving | Bangkok Post: opinion

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Macroeconomics needs improving

  • Published: | Viewed: 1,884 | Comments: 1
  • Newspaper section: News
  • Writer: Dr Noeleen Heyzer
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The recently-launched 2013 Economic and Social Survey of Asia and the Pacific by Escap is forecasting subdued growth of 6% for the region in 2013 _ up from 5.6% in 2012. Although highest amongst regional growth rates, this is considerably lower than the pre-crisis level and the level achieved immediately after the crisis in 2010. 

Escap fears that this subdued growth may become a "new normal" if uncertainty in the developed economies continues. This may translate into an estimated output loss for the Asia-Pacific region of US$1.3 trillion (37 trillion baht) by 2017.

The 2013 survey also shows that the region's structural impediments have added to the problems arising from the economic and financial difficulties of developed countries. The rise in inequality, especially in larger countries of the region, has not only significantly reversed economic and social gains, but is also holding back domestic effective demand.

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