Economic and social survey of Asia and the Pacific 2012: pursuing shared prosperity in an era of turbulence and high commodity prices

The Asia-Pacific region continues to face a deeply challenging external environment. The V-shaped recovery from the depths of the 2008-2009 global financial crisis in 2010 proved to be short-lived, as the world economy entered the second stage of the crisis in 2011, due to euro zone debt concerns and the continued uncertain outlook for the United States economy. The region will be affected by slackening demand for its exports and higher costs of capital, as well as by loose monetary policies and trade protection measures of some advanced economies. The 2012 edition of the oldest and most comprehensive annual review of development in this vast and diverse region, the Economic and Social Survey of Asia and the Pacific highlights critical challenges and options for policymakers. These include the need to better manage the balance between growth and inflation; coping with capital flows and exchange rate volatility; addressing jobless growth and unemployment; and tackling serious and growing inequalities.