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UN-ESCAP Report on Economic Impacts of COVID-19 in Asia, Pacific Countries

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UN report Beyond the pandemic Building back better from crises in Asia and the PacificOn April 20, 2021, The United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) in its report ‘Beyond the pandemic: Building back better from crises in Asia and the Pacific’ analysed the socio-economic impacts of COVID-19 in Asia and the Pacific countries.

Key points about the report:

  • It has fixed the gross financing needs of India and several economies of the Association of Southeast Asian Nations (ASEAN) at 10-16 per cent of the GDP.
  • The average debt-to-GDP ratio in Asia and the Pacific countries is estimated to rise from around 41-47 per cent between 2019 and 2020 and to 49 per cent by 2021.
  • It has suggested Asia and the Pacific countries borrow more against public assets as such measures could rise up to around $3trillion a year by 2024.
  • It also suggests buying government bonds as bond yields declined, exchange rates will be stabilised.
  • It stated India as an example for buying bonds as the Reserve Bank of India (RBI) has announced buying bonds worth Rs 1 lakh crore under the G-SAP 1.0 in the first quarter (Q1) of FY22, to keep interest rates in check. Click here to know more
  • The report mentioned Kerala state for its best public health service under pandemic.

Recent Related News:

On March 30, 2021, The United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) reported the survey on economic growth over Asia and the pacific region the report titled “Economic and Social Survey of Asia and the Pacific 2021:Towards post-COVID-19 resilient economies”

About The United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP)

Establishment – 1947 as the Economic Commission for Asia and the Far East (ECAFE)
Executive Secretary – Armida Salsiah Alisjahbana
Headquarters – Bangkok, Thailand