APAC countries may witness uneven pace of recovery

NEW DELHI: Countries in the Asia Pacific region may witness an uneven pace of recovery wherein some economies may revive faster than others, according to a report by Asian Development Bank, UNDP and UNESCAP.

Noting that the COVID-19 pandemic is an asymmetric shock it said that countries have been affected differently and the result may be greater economic divergence both within and between countries in the region. "Without concerted and collaborative policy actions, there is a real risk of a so-called 'K-shaped' recovery in which some groups or countries recover much faster than others," said the report titled 'Responding to the COVID-19 Pandemic: Leaving No Country Behind'.

It noted that pandemic has caused economic and social devastation across the Asia-Pacific region. It has destroyed tens of millions of jobs and livelihoods and will reverse much of the region's progress in reducing poverty and ending hunger, as well as adversely affect health and education prospects.

The poor and vulnerable, including women, migrant workers, daily wage laborers, and other informal sector workers, have been hit the hardest. Policymakers have focused on containing the virus and meeting peoples' immediate needs.

"While governments recognize the potential of pursuing more environmentally sustainable development as part of recovery in a region on the frontlines of the climate crisis, tangible action has been limited," it said. (IANS)

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