Kathmandu: The Centre for Policy Research and Analysis, CPRA, released the ESCAP Economic and Social Survey of the Asia and Pacific-2004, last week amidst the presence of Nepali media men.
Welcoming the guests, Dr. Nirmal Pandey highlighted the salient features of the survey.
Presenting the ESCAP Survey-2004, Mr. Murari Prasad Upadhyaya, chief economist at the CPRA, said that the survey looked at the trends in the regional economy in 2003, prospects for 2004 and the policy choices facing the region.
Mr. Upadhyaya maintained that the survey stated that in 2003 the developing countries of the region continued to show strong growth, exceeding the 2002 performance by almost half a percentage point.
According to the survey, China’s remarkable performance has been central in sustaining the momentum of growth in the region as a whole with its GDP expanding by just under a quarter in only three years on the basis of strong investment and consumption demand.
In East and North-East Asia, the rapid growth of the Chinese economy was not able to fully offset the marked slow sown in KOREA and weaker growth in Taiwan province of China.
The survey reports that in South and South-West Asia, there was a marked improvement in the collective GDP growth rate in 2003, compared with 2002, along with the abatement of inflationary pressures over much of the sub-region.
Importantly, the ESCAP survey records that “Governance remains an ongoing policy challenge virtually throughout the region”.
The ESCAP report does warn the governments to remain vigilant and take appropriate measures to shield their economies from financial market and exchange volatility. In the same vein, the report adds that the governments in the region should strive to enhance standards of governance, take actions to reduce corruption and focus on the long-term development of human resources through investment in education at the primary and secondary levels.
The Communication officer of the UN Information Centre, Ram Babu Shah, thanked the attending guests for their august presence.