Asia Pacific share in global GDP rises to 34.9pc

Sun Online Desk

11th September, 2020 12:06:06 printer

Asia Pacific share in global GDP rises to 34.9pc

Asia Pacific region has become the biggest contributor to global gross domestic product (GDP) as its share to global GDP rose to 34.9 percent in 2019 from 26.3 percent in 2000, suggests latest data of Asian Development Bank.

ADB on Thursday launched latest edition of its annual statistical report for the region --Key Indicators for Asia and the Pacific 2020--and an update to its online database-- Key Indicators Database.

Key Indicators 2020 presents a comprehensive set of economic, financial, social, and environmental indicators, including for the Sustainable Development Goals (SDGs), for ADB’s 49 regional members covering the years from 2000 to 2019.

The region’s economies received more than one-third of total global direct investment in 2019, while the region’s global export share increased to 36.5 percent in 2019 from 28.4 percent in 2000, ADB said highlighting expanding influence of Asia and the Pacific in global investment and trade.

“The Asia and Pacific region has made tremendous development progress over the last two decades, becoming the biggest contributor to global GDP while lifting millions of people out of poverty,” an release quoted ADB Chief Economist Yasuyuki Sawada as saying.

 “Timely and accurate data enable us to take stock of this progress and areas that require further improvement. Wide access to data, especially amid the coronavirus disease (COVID-19) pandemic, will continue to contribute to the region’s progress on the path to more inclusive and sustainable development,” he said.

More than half of the reporting economies in the region recorded a GDP growth rate of 4 percent or higher in 2019.

However, these gains are threatened, however, by the COVID-19 pandemic, with unemployment rising and income falling as lockdowns cause steep reductions in business operations and people’s activities in general, ADB said.

The report includes a special supplement looking at how the granularity of poverty estimates can be enhanced by integrating household surveys and censuses with data extracted from satellite imagery.

The report identifies practical considerations and technical requirements for this novel approach to mapping the spatial distribution of poverty, while outlining the investments required by national statistics offices to fully capitalize on the benefits of incorporating innovative data sources into conventional work programs.

Key Indicators 2020 also presents updates on SDG indicators in Asia and the Pacific, egional trends and tables, including indicators across eight themes—people; economy and output; money, finance, and prices; globalisation; transport and communications; energy and electricity; environment; and government and governance.

It also presented new analysis on trends in changes in developing Asia’s global competitiveness in supplying various products, and updated data on global value chains; and updated individual country tables for the 49 regional members of ADB.

The Key Indicators Database, first launched in September 2019, offers access to more than 1,100 statistical indicators from the year 2000 onwards in a user-friendly and accessible interface.

 


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