In accordance with the United Nations (UN) Economic and Social Commission for Asia and the Pacific (ESCAP) report titled, “Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies” India’s Gross Domestic Product (GDP) growth for FY 20-21 is likely to be declined to 4.8% due to terrible economic impacts caused by COVID-19.
- On the other hand, Economic growth for the country could stand at 5.1% for fiscal year 2021-22.
- It should be noted that our Finance Minister Nirmala Sitharaman had projected India’s GDP growth of 6-6.5% while presenting economic survey 2020-21, up from 5% estimate for 2019-20.
Developing nations in Asia-Pacific need to hike health emergency spending by $880 mn/year
The report has recommended developing countries of Asia-Pacific to increase their healthcare emergency spending by USD 880 million per year amid the coronavirus pandemic. It also stated that these countries should establish a regional fund to respond to future health emergencies.
- Point to be noted: During a video meet by India to South Asian Association for Regional Cooperation (SAARC) leaders to coordinate virus containment measures, India proposed the establishment of a COVID-19 emergency fund under SAARC and offered an initial contribution of $10 million in this regard.
Prolonged covid-19 will disrupt pharmaceutical supplies for India, China
Pharmaceutical industry is facing shortages in the supply of raw materials due to lockdown in particular sectors/regions of the economy or in the whole nations. India is producing 20% of the world’s drug supply by volume, for which 70% of the raw material is imported from China for manufacturing such pharmaceuticals. If the
Asia-Pacific Region-A Power Engine
It is only the Asia-Pacific region which has largely enhanced its access to basic services, such as health care, education and electricity and tripled the income of persons. As a result, about one billion people have been lifted out of extreme poverty mostly in China and India in the past two decades. This region has caliber to overcome the effects of the global pandemic by strengthening cooperation and coordination.
Headquarters– Bangkok, Thailand
Members States– 53 members (including India) and 9 associate members.
Executive Secretary– Ms. Armida Salsiah Alisjahbana