Refer to the end of this article for video links of this event.
On 3 April, the IGF hosted a senior delegation from the Asian Development Bank who launched the ADB’s Annual Report on Development. ADB’s flagship economic publication Asian Development Outlook 2014 (ADO) Report provides a comprehensive analysis of macroeconomic issues in developing Asia and the Pacific, with growth projections by country and region.
This year's ADO special theme chapter, “Fiscal Policy for Inclusive Growth”, explores how fiscal policy—both public spending and revenue mobilisation—can be used to promote inclusive growth. While developing Asia has made huge strides in reducing poverty, the last two decades have seen income inequality widening, driven by the same forces of globalisation, technological progress, and market-oriented reform that accelerated the region’s rapid growth. In response, the region’s citizens are calling on their governments to play a more active role in bringing about a fairer society, one that provides opportunities for all and distributes the fruits of growth widely.
The Asian Development Bank's Assistant Chief Economist, Dr Joe Zveglich addressed these issues and others at a special presentation of the Asian Development Outlook 2014, ADB’s flagship economic publication. Dr Zveglich presented the key findings of the report and addressed questions including:
- What has been the role of fiscal policy in promoting inclusion in Asia and the Pacific?
- What does cross-country empirical evidence show on the effectiveness of fiscal spending on reducing inequality?
- Do Asian countries have adequate fiscal space for more inclusion-enhancing spending programs?
- What should be the target sources for greater revenue mobilisation with least adverse effects on growth and how do the priorities differ across countries?
- How can a medium-term fiscal framework incorporate equity within the broad confines of fiscal sustainability?
Dr. Zveglich presented the Asian highlights and Ms. Emma Veve, Principal Economist of ADB’s Pacific Department and Dr. Christopher Edmonds, Senior Economist of ADB’s Pacific Department presented the Pacific region highlights of the annual economic report. The Forum was chaired by the Director of the Institute of Global Finance at UNSW, Professor Fariborz Moshirian, who also facilitated a panel discussion, after the above presentations.