Economic and social survey of Asia and the Pacific 2012: year-end update

Falling demand in the developed world has led to a broad-based economic slowdown in Asia and the Pacific, lowering economic growth forecasts. The impact of slowdown will challenge regional inclusive and sustainable development with job growth and household income predicted to decline. UNESCAP estimates that, by 2013, 14 million fewer people in the Asia and Pacific region would be able to escape poverty at the $2-a-day poverty line. More economies will move towards undertaking domestic supportive measures, such as well-designed fiscal and monetary stimulus as larger economies such as China and India, who proved resilient during the early part of the global economic crisis, are now unable to provide existing levels of support. Regional economic predictions and social impacts are outlined in the Year-end Update of the UNESCAP annual flagship publication, the Economic and Social Survey of Asia and the Pacific 2012.