• Regional crisis and recovery

Regional crisis and recovery

Examines the region’s key short and medium term prospects and challenges in macroeconomic and selected social areas and studies long-term development issues for the developing countries in the region.

The survey finds that the main short-term economic challenge is from the financial crisis in the United States. The main issue of concern is that despite strong growth, the region still faces a major disparity in the levels of development in the region. Even though the region is well prepared to ride out the current crisis, smaller economic shocks can still negatively affect the most vulnerable people, especially in rural areas. The long-term impact of these shocks in terms of poverty, unemployment and inequality is of major concern, presenting the need for sound policies to ensure that prosperity is shared by all.

In order to reduce poverty and address rural development issues, the 2008 survey takes a closer look at agriculture, as it still provides jobs for 60 per cent of the working population in Asia and the Pacific. The survey proposes and recommends a two-track strategy to ensure that agriculture is both economically and socially viable, so as to raise productivity and make progress against poverty.

Elements of this strategy include:

• a market orientation with a focus on quality and standards
• investments in research and development and human capital
• a revamp of land policies
• facilitating migration out of agriculture to empower the poor to tap labour market opportunities
• promoting rural nonfarm activities and regional growth centres.
  
  

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