Growing Together: Economic Integration for an Inclusive and - escap

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xviii The term “Pacific” in this publication refers collectively to American Samoa, Australia, Cook Islands, Fiji, French Polynesia, Guam, Kiribati, Marshall Islands, Micronesia (Federated States of), Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. The term “South and South-West Asia” in this publication refers collectively to Afghanistan, Bangladesh, Bhutan, India, Islamic Republic of Iran, Maldives, Nepal, Pakistan, Sri Lanka and Turkey. The term “South-East Asia” in this publication refers collectively to Brunei Darussalam, Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste and Viet Nam. The term “Countries with Special Needs” in this publication refers collectively to least developed countries (LDCs), landlocked developing countries (LLDCs) and small island developing States (SIDSs) in the Asia-Pacific region. It includes (i) 13 LDCs: Afghanistan,* Bangladesh, Bhutan,* Cambodia, Kiribati,** Lao People’s Democratic Republic,* Myanmar, Nepal,* Samoa,** Solomon Islands,** Timor-Leste,** Tuvalu** and Vanuatu** (*also LLDC, **also SIDS); (ii) 12 LLDCs: Afghanistan,* Armenia, Azerbaijan, Bhutan,* Kazakhstan, Kyrgyzstan, Lao People’s Democratic Republic,* Mongolia, Nepal,* Tajikistan, Turkmenistan and Uzbekistan (*also LDC); and (iii) 16 SIDSs: Cook Islands, Fiji, Kiribati,* Maldives, Marshall Islands, Micronesia (Federated States of), Nauru, Niue, Palau, Papua New Guinea, Samoa,* Solomon Islands,* Timor-Leste,* Tonga, Tuvalu* and Vanuatu* (*also LDC). Values are in United States dollars unless specified otherwise. The term “billion” signifies a thousand million. The term “trillion” signifies a million million. Reference to “tons” indicates metric tons. In the tables, two dots (..) indicate that data are not available or are not separately reported, a dash (–) indicates that the amount is nil or negligible, and a blank indicates that the item is not applicable. In dates, a hyphen (-) is used to signify the full period involved, including the beginning and end years, and a stroke (/) indicates a crop year, fiscal year or plan year. Bibliographical and other references have not been verified. The United Nations bears no responsibility for the availability or functioning of URLs.
Executive Summary Growing together – Economic integration for an inclusive and sustainable Asia-Pacific century The Asia-Pacific region’s rapid growth since the 1950s has been supported by a favourable external economic environment and opportunities arising from globalization. But in a dramatically altered post-global financial crisis scenario, the region’s dynamism, which is crucial for the elimination of poverty and hunger and the realization of the Asia-Pacific century, will critically depend on its ability to harness the potential of regional economic integration. In the light of the many complementarities arising from its diversity, the region, a late starter in regionalism, has many underexploited opportunities for mutually beneficial regional integration. Regional economic integration can also assist in making regional development more balanced, with the lagging economies receiving a boost through a stronger connectivity and integration with economic growth poles, such as China and India. Apart from fostering peace, such cooperation could also help the region address shared vulnerabilities and risks and exercise its influence in global economic governance in a way that is commensurate with its rising economic weight. Though the economic rise of Asia and the Pacific may seem to be a modern phenomenon, it is in fact a re-emergence. The Asia-Pacific region accounted for 56 per cent of global gross domestic product (GDP) up to 1820, but its share declined to 16 per cent by 1950. Subsequently, it started to regain its position in the world economy, first through Japan’s rapid growth, later through the rise of East and South-East Asia’s newly industrializing economies, and more recently by the rise of its two most populous countries, China and India. As a result of this dynamism, long-term projections suggest that the region’s share in the global economy could exceed 50 per cent by 2050, as it was until 200 years ago. Such an optimistic outlook, however, must be viewed with caution. In a dramatically altered global context, Western markets face an uncertain outlook and are unlikely to remain the region’s main engines of growth in the wake of the 2008-2009 financial crisis. Sustaining growth in the region will thus require Asia-Pacific economies to rely more on domestic and regional sources of demand. One of the most promising reservoirs of domestic demand is the region’s “bottom billion” people currently living in poverty. But if they are to join the mainstream of Asia-Pacific consumers, their purchasing power must be boosted. This will require faster progress towards achieving the Millennium Development Goals through broad-based investments in education, health services, social protection and basic infrastructure, which will facilitate access to employment and business xix
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CHAPTER SIX 137 Towards an inclusiv
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References 145 Photo by Warren Fiel
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References 147 __________ (2009). E
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References 149 Brenner, Cath (2009)
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References 151 __________ (2010b).
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References 153 Hertel, T., ed. (199
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References 157 Quah, Danny (2010).
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