- ADB’s Key Indicators 2022 helps provide data to support knowledge-sharing among policymakers, development practitioners, government officials, researchers, students, media, and the public.
- Providing opportunities for upward social mobility, especially for those who faced the greatest challenges during the pandemic, is key to ensure nobody is left behind.
- As we approach the halfway point for delivering on the 2030 Sustainable Development Goals, Asia and the Pacific needs to galvanize efforts to recover from the COVID-19 pandemic. The region needs to get back on a virtuous development path.
Last year showed several reasons for optimism. Cyclical industries recovered gradually. Consumer demand and confidence levels increased. More economic activities resumed. At the same time, the emergence of more contagious COVID-19 variants, inflationary pressures, debt burdens, and heightened geopolitical risks are dampening hopes for an immediate economic recovery. Pandemic scarring remains a big concern if setbacks in poverty reduction, gender equality, and education are not immediately addressed. Other concerns include uncertainties such as armed conflict involving key global actors. There are also looming threats to food security and energy price shocks.
Transcript
Last year showed several reasons for optimism. Cyclical industries recovered gradually. Consumer demand and confidence levels increased. More economic activities resumed. At the same time, the emergence of more contagious COVID-19 variants, inflationary pressures, debt burdens, and heightened geopolitical risks are dampening hopes for an immediate economic recovery. Pandemic scarring remains a big concern if setbacks in poverty reduction, gender equality, and education are not immediately addressed. Other concerns include uncertainties such as armed conflict involving key global actors. There are also looming threats of food security and energy price shocks.
As we approach the halfway point for delivering on the 2030 Sustainable Development Goals, Asia and the Pacific needs to galvanize efforts to recover from the COVID-19 pandemic. The region needs to get back on a virtuous development path.
The latest economic statistics show divergent growth trajectories. Some economies have yet to return to their pre-pandemic growth rates. Others are doing better. Providing opportunities for upward social mobility, especially for those who faced the greatest challenges during the pandemic, is key to ensure nobody is left behind.
Development policies and interventions should also avoid short-term measures that only provide temporary solutions to systemic problems. Asia and the Pacific need to tackle climate change and other vulnerabilities that threaten the region’s long-term development.
Data and statistics can be used to illuminate bright spots of recovery and socioeconomic prospects, as well as critical junctures along the way. They can also help us identify where more intervention may be needed to keep vulnerable populations from falling behind. The region’s development in recent decades has given more people access to infrastructure and services that improve their lives. Transportation networks have gotten better. Electricity generation capacity has been enhanced. Nonetheless, disparities remain. Data shows how innovation can help create new and greener economic opportunities and more productive jobs. This can especially benefit the millions of people who were pushed into poverty by the COVID-19 pandemic. However, many economies in the region still lag behind in investing in research and development, which is key to innovation. Inclusiveness is also important. Development plans must reduce risks that affect the most vulnerable. They must provide more balanced opportunities and prospects for upward social mobility for everyone.
Developing Asia has been increasingly integrated into global value chains. Since 2018, uncertainties in the supply of semiconductors have posed risk for developing Asian economies that participate in technology manufacturing value chains. COVID-19 increased this risk, as unprecedented demand for electronics and motor vehicles further squeezed semiconductor supplies. The analysis of global value chains provides insights into the impact of the global chip shortage on developing Asia. It also looks at the region’s vulnerability to reshoring of chip manufacturing by trade partners.
The pandemic has provided a compelling opportunity to look at ways that economies can become more agile in responding to development challenges. Effective policies, developed with the help of accurate and integrated data and statistics, can move the region forward. ADB’s Key Indicators 2022 helps provide this data to support knowledge-sharing among policymakers, development practitioners, government officials, researchers, students, media, and the public.
ADB is committed to delivering trusted data to build, support, and strengthen the region’s capacity to be more prosperous, inclusive, and sustainable.
