Tuesday, April 01, 2014

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[IWS] ADB: ASIAN DEVELOPMENT OUTLOOK 2014: FISCAL POLICY FOR INCLUSIVE GROWTH [1 April 2014]

IWS Documented News Service

_______________________________

Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

________________________________________________________________________

 

Asian Development Bank (ADB)

 

ASIAN DEVELOPMENT OUTLOOK 2014: FISCAL POLICY FOR INCLUSIVE GROWTH [1 April 2014]

http://www.adb.org/publications/asian-development-outlook-2014-fiscal-policy-inclusive-growth

or

http://www.adb.org/sites/default/files/pub/2014/ado-2014.pdf

[full-text, 311 pages]

Description

Video: Asian Development Outlook 2014

Developing Asia is expected to extend its steady growth. The region's growth is projected to edge up from 6.1% in 2013 to 6.2% in 2014 and 6.4% in 2015. Moderating growth in the People's Republic of China (PRC) as its economy adjusts to more balanced growth will offset to some extent the stronger demand expected from the industrial countries as their economies recover.

Risks to the outlook have eased and are manageable. The monetary policy shift in the United States (US) may invite some volatility ahead in financial markets, albeit mitigated by accommodative monetary policy in Japan and the euro area. The regional growth outlook depends on continued recovery in the major industrial economies and on the PRC managing to contain internal credit growth smoothly.

Video: Greater Public Spending Needed to Reduce Inequality

Widening income gaps in developing Asia strengthens the case for greater use of fiscal policy to foster equality of opportunity. While the region has benefited from fiscal prudence in the past, demographic and environmental challenges are expected to compete for public resources in the coming years. To boost public spending on equity-enhancing programs such as education and health without undermining fiscal sustainability, the authorities will need to explore a wide range of options for mobilizing revenue and to build equity objectives into their fiscal plans.

Key messages

 

View infographic in higher resolution.

·         Developing Asia's gross domestic product (GDP) expanded steadily by 6.1% in 2013, the same pace as in the previous year.

·         The major industrial economies—the US, euro area members, and Japan—grew by a collective 1.0% in 2013. The momentum is expected to quicken to 1.9% in 2014 and 2.2% in 2015.

·         Output in the PRC grew by 7.7% in 2013, matching the performance of the previous year. However, growth is set to slow somewhat in the years ahead as policy promotes growth that is more equitable, sustainable, and balanced.

·         Soft global commodity prices continue to lighten pressure on consumer prices, allowing inflation to ease to 3.4% in developing Asia.

·         The region's current account surplus has flattened, after falling continuously since its peak in 2007.

·         Risks to the outlook have eased, and developing Asia can manage them.

·         During the recent period of US quantitative easing, countries that allowed capital inflows to fuel real exchange rate appreciation and undermine their current account balances are most vulnerable to the risk of destabilizing capital outflows.

·         For resource-dependent economies, commodity price swings matter more than volatile capital flows.

·         Fiscal policy can help the region tackle rising inequality by fostering equality of opportunity.

·         Public spending on education, health care, and direct transfers can contribute to equity, but Asia underspends not only the advanced economies in these areas but also its peers in Latin America.

·         Strategic planning and innovative policies can contribute to more inclusive fiscal policy in Asia.

Background

The annual Asian Development Outlook provides a comprehensive analysis of economic performance for the past year and offers forecasts for the next 2 years for the 45 economies in Asia and the Pacific that make up developing Asia.

Contents

·         Foreword

·         ADO 2014—Highlights

·         Charting a Course for Steady Growth

o    Developing Asia endures amid modest global recovery

o    Navigating unpredictable financial flows

o    Coping with volatile export prices

o    Annex: Slow recovery continues

·         Fiscal Policy for Inclusive Growth

o    The emerging case for inclusive fiscal policy

o    Public spending to foster inclusive growth

o    Public revenues to safeguard fiscal sustainability

o    Planning and innovation for a more inclusive Asia

·         Economic Trends and Prospects in Developing Asia

o    Central Asia

§  Armenia

§  Azerbaijan

§  Georgia

§  Kazakhstan

§  Kyrgyz Republic

§  Tajikistan

§  Turkmenistan

§  Uzbekistan

o    East Asia

§  People's Republic of China | 中文

§  Hong Kong, China

§  Republic of Korea

§  Mongolia

§  Taipei,China

o    South Asia

§  Afghanistan

§  Bangladesh

§  Bhutan

§  India

§  Maldives

§  Nepal

§  Pakistan

§  Sri Lanka

o    Southeast Asia

§  Brunei Darussalam

§  Cambodia

§  Indonesia

§  Lao People's Democratic Republic

§  Malaysia

§  Myanmar

§  Philippines

§  Singapore

§  Thailand

§  Viet Nam

o    The Pacific

§  Fiji

§  North Pacific Economies

§  Papua New Guinea

§  Solomon Islands

§  South Pacific Economies

§  Timor-Leste

§  Small Island Economies

o    Statistical Appendix

 

 

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

 

 




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