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Policy scenarios to build forward better in Asia and the Pacific

Author

Listed:
  • Dawn Holland

    (Fellow of the National Institute of Economic and Social Research, UK)

  • Vatcharin Sirimaneetham

    (Economic Affairs Officer, Macroeconomic Policy and Analysis Section, Macroeconomic Policy and Financing for Development Division, ESCAP)

Abstract

Based on a newly developed macroeconomic model for Asia and the Pacific, this paper examines the socio-economic and environmental implications of an illustrative policy package that helps the region build forward better from the COVID-19 pandemic. Comprising of policy actions to provide basic social services, close the digital divide and strengthen climate and energy actions, this paper demonstrates that such a package not only raises economy-wide productivity but also reduces poverty and income inequality and cuts carbon emissions to a notable extent in the long run. This paper also examines public debt sustainability under different scenarios and stress tests. Given the large fiscal needs to build forward better and combat the pandemic, the simulation results show that debt vulnerability may rise steeply in the region’s less developed economies.

Suggested Citation

  • Dawn Holland & Vatcharin Sirimaneetham, 2021. "Policy scenarios to build forward better in Asia and the Pacific," MPDD Working Paper Series WP/21/08, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    • Handle: RePEc:unt:wpmpdd:wp/21/08
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    File URL: https://www.unescap.org/kp/2021/working-paper-policy-scenarios-build-forward-better-asia-and-pacific
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    Cited by:

    1. Vatcharin Sirimaneetham, 2021. "Fiscal policy options to build forward better," MPDD Working Paper Series WP/21/07, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

    More about this item

    Keywords

    macroeconomic modelling; public debt sustainability; sustainable development;
    All these keywords.

    JEL classification:

    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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