ESCAP - SURVEYS SAYS ECONOMIC CRISIS BRING 'DRASTIC' SOCIL ILLS
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The economic crisis that began in Asia in 1997
has turned out to be more lasting, widespread and deeper than
previously thought, posing ``drastic and severe'' social problems.
As many as seven economies in mainland Asia
suffered negative growth in 1998 as compared to none in 1996 and
only one in 1997.
These are some of the conclusions of the 1999
Economic and Social Survey for Asia and the Pacific which reviewed
and assessed the economic and social development situation in
the ESCAP region during 1998.
The United Nations Economic and Social Commission
for Asia and the Pacific (ESCAP) launched its 1999 Economic and
Social Survey for Asia and the Pacific on 8 April 1999 in Bangkok.
The Survey, which served as the main document
for discussion at the 55th ESCAP annual Commission Session, was
presented to the media by Mr. Adrianus Mooy, Executive Secretary
of ESCAP.
Besides Bangkok, the Survey was launched simultaneously
in 12 capital cities of the region and at Headquarters in New
York.
Here are some of the key findings of ESCAP's
Survey of the region, which compares statistics for the year 1998
with those of 1997:
* The percentage of the population in poverty increased in Indonesia from 11 per cent to 40 per cent and in Thailand from 11 per cent to 15 per cent, unemployment increased in Indonesia from 4.7 to 21 per cent, in Malaysia from 2.7 per cent to 6.4 per cent, in the Republic of Korea from 2.6 per cent to 7.7 per cent, and in Thailand from
*.9 per cent to 4.4 per cent;
* The GDP growth for all developing countries
in the region fell from 5.8 per cent to 0.2 per cent, while in
Southeast Asia alone, GDP growth fell from 4.3 per cent to -6.2
per cent;
* In East and Northeast Asia, GDP growth fell
from 7 per cent to 1.5 per cent. However in Southwest Asia, GDP
growth rose from 4.6 per cent to 5.3 per cent.
The Survey further says that except for Papua New Guinea and Solomon
Islands, the Asia financial crisis did not have a direct impact
on the Pacific island economies.
However many of them were indirectly affected because of the impact
of the crisis on trading partners such as Australia, Japan and
New Zealand.
Source: U.N Focus, a newsletter published
by ESCAP.
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