On Thursday, the Economic and Social Commission of Asia United Nations and Pacific (UNESCAPS) published a report entitled The Annual Economic and Social Survey of Asia and the Pacific 2019 “further growth ambitions”.
Survey for 2019 calls for the Asia-Pacific region to prioritize ambitions further economic growth and investment in people and the planet. This would require a capital redistribution of around 4-5 percent of GDP on average in the region. In this way, the region would be on track to achieve sustainable development goals by 2030.
Efficiency of Pakistani Education Sector Can Be Improved by 80%: UN
Economic growth in the region is expected to moderate to 4.5 per cent by 2019, before reaching 5.2 per cent by 2020.
He foresees that Pakistan’s GDP will remain lowest in the region by 4.2 per cent in 2019 and 4 per cent by 2020 compared to 7.3 per cent in Bangladesh in 2019, India by 7.5 per cent, Maldives and Nepal by 6.5 per cent.
Efficiency gaps could even increase in different countries. Pakistan, for example, spends 20 percent more on Tajikistan in public spending per capita on education, but has underperformed Tajikistan by a significant margin in the five indicators of coverage and quality of education. Pakistan could save about 80 percent of their current spending on education to achieve the same results in achieving the same level of efficiency as their peers with better performance.
The report said Pakistan’s economy was experiencing serious balance of payments problems amid huge fiscal deficits and the current account and increasing pressure on the currency.
The report says developing countries in Asia and the Pacific, on average, can save more than 30 percent through increased efficiency without sacrificing performance education.
Strengthening the quality of teaching and training of teachers is key to achieving better educational outcomes, the report said. The Asia Pacific has significantly increased access to education and average school years in recent decades, but quality is still a problem.
To date, 92 million children in the region have not acquired basic literacy and numerical skills, even after completing primary school (World Bank, 2018).
Inflation in the developing region of Asia and Pacific is expected to rise to 4.2% moderately by 2019 before falling to 3.8% by 2020. Potentially higher rates in the context of trading tension and the rise of uncertainties, depreciation of the currency and unfavorable weather can increase consumer and food prices.
It is also necessary to secure a fiscal space to help
improve competitiveness and diversification, ensure a smooth state-run graduation from the least developed countries and improve the ability to recover from natural disasters.
Significant savings can be achieved through more emphasis on the quality and outcomes of education, and through better allocation of educational resources to target vulnerable groups.
The 2019 survey suggests that achieving the Sustainable Development Goal by 2030 would require an additional $ 1.5 billion annual investment for developing countries in Asia and the Pacific, equivalent to 5% of their combined GDP in 2018 .