Asia is the home to the majority of the human population and varies extensively across and within its regions in terms of ethnicity, cultures, environments, economics, climates, historical ties and forms of governments. Despite being the fastest growing region in the world, Asia has become a region of extremes, having huge wealth gap between rich and poor.
China’s Gini coefficient has risen more steeply over the last decade than in any other country. The richest man in Vietnam earns more in a day than the poorest earns in a decade. 10% of Indians own 80% of the country’s wealth. These startling facts allude to the bludgeoning issue of inequality in Asia. Income inequality is associated with other facets of development and impacts the access to healthcare, education and other basic amenities such as drinking water and non-hazardous fuel.
Asia’s policymakers are not oblivious of the impacts of the rising inequality and are placing inclusive growth at the core of their policies. The paradox that elements such as technological progression and market reforms that have fueled the development, have also caused the loss in jobs and unequal opportunities for the poor makes the problem even more complex. Recent ESCAP analysis provides insights into the problem and makes certain recommendations to address it.
Fiscal policies have a very important role to play. The budget allocation to healthcare services, free education, and mitigation of the impacts of environmental degradation need to be enhanced to build human capacities and resilience. The management of fiscal space is a complex phenomenon, particularly in developing countries where factors such as corruption, procedural delays, and politics severely affect the policies.
The rural and urban divide needs to be addressed. The rural population needs to be given access to the latest technology and better infrastructure so that the opportunities increase and are exploited as well. The countries should endeavour to formulate sustainable policies and also have a quantifiable prediction of the outcome of the policies in long term. The ageing population has introduced a serious challenge and alludes toward a serious thought to the population control measures.
The trade between different nations should be used as a balancer and not just a tool to meet strategic interests. A well-balanced growth among industry, services, and agriculture are a must for inclusive growth. To have a sustained growth with a high rate, Asia needs to provide equal opportunities to every segment of people and address the problem of inequality.
China’s Gini coefficient has risen more steeply over the last decade than in any other country. The richest man in Vietnam earns more in a day than the poorest earns in a decade. 10% of Indians own 80% of the country’s wealth. These startling facts allude to the bludgeoning issue of inequality in Asia. Income inequality is associated with other facets of development and impacts the access to healthcare, education and other basic amenities such as drinking water and non-hazardous fuel.
Asia’s policymakers are not oblivious of the impacts of the rising inequality and are placing inclusive growth at the core of their policies. The paradox that elements such as technological progression and market reforms that have fueled the development, have also caused the loss in jobs and unequal opportunities for the poor makes the problem even more complex. Recent ESCAP analysis provides insights into the problem and makes certain recommendations to address it.
Fiscal policies have a very important role to play. The budget allocation to healthcare services, free education, and mitigation of the impacts of environmental degradation need to be enhanced to build human capacities and resilience. The management of fiscal space is a complex phenomenon, particularly in developing countries where factors such as corruption, procedural delays, and politics severely affect the policies.
The rural and urban divide needs to be addressed. The rural population needs to be given access to the latest technology and better infrastructure so that the opportunities increase and are exploited as well. The countries should endeavour to formulate sustainable policies and also have a quantifiable prediction of the outcome of the policies in long term. The ageing population has introduced a serious challenge and alludes toward a serious thought to the population control measures.
The trade between different nations should be used as a balancer and not just a tool to meet strategic interests. A well-balanced growth among industry, services, and agriculture are a must for inclusive growth. To have a sustained growth with a high rate, Asia needs to provide equal opportunities to every segment of people and address the problem of inequality.
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