DOCSLIB.ORG

Sustainability in an Emerging Nation: the Bhutan Case Study

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sustainability in an Emerging Nation: the Bhutan Case Study sustainability Article Sustainability in an Emerging Nation: The Bhutan Case Study Dorji Yangka * ID , Peter Newman ID , Vanessa Rauland and Peter Devereux Curtin University Sustainability Policy (CUSP) Institute, Perth, WA 6160, Australia; [email protected] (P.N.); [email protected] (V.R.); [email protected] (P.D.) * Correspondence: [email protected]; Tel.: +61-8-9266-9030; Fax: +61-8-9266-9031 Received: 1 April 2018; Accepted: 15 May 2018; Published: 18 May 2018 Abstract: With the onset of the 17 Sustainable Development Goals (SDGs) and the Paris Agreement on climate change, the world’s nations were to create economic development integrating environmental and social improvement. However, there is still much uncertainty in the world of politics and academia as to whether these integrated goals are achievable and how they can fit best with diverse national and local contexts. Thus, there is always a need to find nations that can show how it can be achieved in different settings shaped by local experiences, challenges, and opportunities. Bhutan could be one of these nations as it could be argued that it has, to an extent, simplified the task to fit its values and aspirations. Bhutan has three major goals that need to be integrated: Wealth (GDP) to align with their middle-income aspiration, thus providing opportunities for employment, Greenhouse Gas emissions (GHG) that are maintained at a carbon neutral level, which is beyond most national commitments, and Bhutan’s renowned Gross National Happiness (GNH) index, which covers their socio-economic goals. We show this integration and then synthesize some core findings from a literature review on the theory and practice of sustainable development through the lens of the three integrated goals of Bhutan, thereby placing the case of Bhutan into the wider literature. This paper seeks to show how one emerging nation can model an operational sustainability policy. The paper highlights some plausible synergies between the 17 SDGs and the domains and indicators of GNH that could help nations struggling with how they can create sensible sustainability outcomes from these new global agendas. Bhutan has framed the GNH as its contribution to sustainability. However, this paper suggests that it may be the integration of the GNH with GDP and GHG that is its real contribution. Furthermore, Bhutan’s 3G model of fully integrating GNH, GDP, and GHG suggests a way forward for achieving their imperatives of economic growth, whilst enabling the SDGs and achieving the difficult climate change goal. It may also suggest a model for other nations wanting to find a complementary way of framing economic growth, the 17 SDGs, and the Paris Agreement into a coherent set of policies. Keywords: Bhutan; sustainable development; Gross National Happiness; well-being; carbon neutral; economic growth; emerging nation; integration; holistic; transition; GHG emissions; environment 1. Introduction In the 1980’s, sustainability became a new global concept that emerged from the inadequacies of single-minded economic development [1]. The conclusion from the UN’s World Commission for Environment and Development was that economic growth and development was not the problem in itself, but that environmental and social issues had to be improved in the process and not left to trickle down later. The world’s nations were then set on a journey to find new ways of integrating environmental and social impacts into economic development. For the past 30 years, many international conferences and agreements have been helping define the nature of sustainable Sustainability 2018, 10, 1622; doi:10.3390/su10051622 www.mdpi.com/journal/sustainability Sustainability 2018, 10, 1622 2 of 16 development, from Rio in 1992 to Rio plus 20 [2]. For most of this time, the world has focused on sustainability as the responsibility of the developed world with aid and facilitation of emerging Sustainability 2018, 10, x FOR PEER REVIEW 2 of 16 economies to shape their economic development to be more sustainable. This has now changed and the newinternational world of Sustainableconferences Developmentand agreements Goals have [3 ]be isen making helping it verydefine clear the that nature the futureof sustainable depends on all nations,development, including from the Rio emerging in 1992 to world, Rio plus to do20 economic[2]. For most development of this time,sustainably. the world has This focused paper on seeks to showsustainability how one emergingas the responsibility nation, Bhutan, of the isdeveloped demonstrating world with how aid to doand sustainable facilitation developmentof emerging in their future.economies to shape their economic development to be more sustainable. This has now changed and Thethe new Sustainable world of DevelopmentSustainable Development Goals (SDGs) Goals have [3] is been making developed it very clear in parallel that theand future integrated depends into what ison perhaps all nations, the including biggest global the emerging environmental world, to issue, do economic climate change.development This toosustainably. began as This an agendapaper for seeks to show how one emerging nation, Bhutan, is demonstrating how to do sustainable the developed world with the Kyoto Agreement setting out goals for the big polluters and assistance for development in their future. the emerging world to shape their development more sustainably. However, the Paris Agreement from The Sustainable Development Goals (SDGs) have been developed in parallel and integrated into 2015 iswhat now is forperhaps every the nation biggest to global become environmental involved and issue, demonstrate climate change. how This they too can began meet as an the agenda planetary ◦ objectivefor the of achievingdeveloped aworld global with economy the Kyoto that Agreement keeps emission setting out levels goals within for the the big 2 pollutersC rise in and global ◦ temperatureassistance and for preferably the emerging within world 1.5 to shapeC[4]. their This development requires Nationally more sustainably. Determined However, Contributions the Paris that can showAgreement how every from nation2015 is cannow meetfor every their nation economic to become goals involved whilst achieving and demonstrate significant how reductions they can in greenhousemeet the emissions. planetary objective At the same of ac time,hieving every a global nation economy has committed that keeps toemission the SDGs. levels Thus, within there the 2 is no room°C in rise the in agenda global fortemperature the global and future preferably for any within nation 1.5 °C to [4]. say This they requires simply Nationally want to create Determined economic developmentContributions without that consideringcan show how environmental every nation ca andn meet social their improvement. economic goals However, whilst achieving there is still significant reductions in greenhouse emissions. At the same time, every nation has committed to the much uncertainty in the world of politics and academia that these integrated goals are achievable. SDGs. Thus, there is no room in the agenda for the global future for any nation to say they simply Thus, there is always a need to find nations that can show how it can be done. Bhutan could be one of want to create economic development without considering environmental and social improvement. them asHowever, it has simplified there is still the much case uncertainty through developing in the world three of politics core goals and academia with each that containing these integrated measurable indicators.goals are This achievable. paper attempts Thus, there to show is always how a these need interconnectedto find nations that goals can canshow enable how it emerging can be done. nations to developBhutan similar could be approaches one of them to as sustainability it has simplified in thethe globalcase through arena. developing three core goals with Bhutaneach containing has three measurable major goals indicators. (the three This G’s) paper shown attempts in Figure to show1 thathow needthese tointerconnected be integrated: goals can enable emerging nations to develop similar approaches to sustainability in the global arena. 1. Wealth:Bhutan GDP has that three can major grow goals to enable (the three them G’s) to shown become in Figure a middle-income 1 that need to economy be integrated: by 2021; 2. Carbon Emissions: GHG that is maintained at a carbon neutral level; and 1. Wealth: GDP that can grow to enable them to become a middle-income economy by 2021; 3. Happiness:2. Carbon Emissions: Gross National GHG that Happiness is maintained (GNH) at continuinga carbon neutral to grow. level; and 3. Happiness: Gross National Happiness (GNH) continuing to grow. FigureFigure 1. The1. The 3G—the 3G—the three threeinterconnected interconnected goals goals of of Bhutan. Bhutan. These goals represent Bhutan’s contribution to demonstrating sustainability. This paper sets out Theseto show goals this. representTo the best Bhutan’s of the authors’ contribution knowledg toe, demonstratingno earlier research sustainability. had attempted This to examine paper setsthe out to showthree this. G’s To together the best especially of the authors’ in the context knowledge, of the ‘sustainability no earlier research puzzle’ had [5]. attemptedThe paper thus to examine is also the threeabout G’s together resolving especially the conflicts in the between context the of three the ‘sustainabilitymajor academic puzzle’ and professional [5]. The paper paradigms— thus is also Sustainability
Load more

Recommended publications
  • Bhutan Green Growth Policy Note 7.31.14
    July 31, 2014 Note on Green Growth for Bhutan Document of the World Bank 0 Table of Contents Introduction: What is the role for “green growth” in Bhutan? ....................................................... 5 Hydropower .................................................................................................................................... 9 Forestry ......................................................................................................................................... 14 Agriculture .................................................................................................................................... 18 Mining and Manufacturing ........................................................................................................... 22 Tourism ......................................................................................................................................... 27 Urbanization, Transportation and Environmental Challenges ...................................................... 29 Conclusions ................................................................................................................................... 32 Bibliography ................................................................................................................................. 35 Annex 1 –Funding for Climate Change and Environment .............................................................. i List of Boxes Box 1: Bhutan’s Macroeconomic Background ..............................................................................
    [Show full text]
  • Macroeconomic Trends and Policy Implications: Evidence from Bhutan
    and health Macroeconomic Trends and Policy Implications: Evidence from Bhutan Mashrur Khan and Matthew Robson * 1. Introduction Bhutan has performed remarkably well with an average growth rate of 7.72 percent from 2004-2014. This growth is heavily fuelled by its strong hydropower sector, particularly the exports of hydropower, which have grown at an average rate of 18.1 percent over the same period. In recent years, hydropower capacity has been increased substantially, leading to higher exports and electricity generation in the country. In addition, the tourism sector has grown rapidly over the last decade, which largely contributed to the generation of revenue for the country. Despite these successes, the country has experienced some setbacks, particularly in recent years. The current account deficit has been on the rise, which was mainly due to increasing hydropower-related imports to facilitate the installation of new hydropower plants. In addition, rapid credit growth has led to a consumption and housing boom, which contributed to large non-hydropower related imports. Consequently, the total reserves for the country as a percentage of total external debt has declined - reducing their ability to service debt - which is concerning since their external debt as a ratio of GDP has risen to over 80 percent in 2013-14 from around 55 percent in 2007- 08. This paper focuses on the macroeconomic trends that Bhutan has experienced since the 1990s. The paper provides detailed graphs and tables on selected economic indicators, particularly on the budget, inflation and balance of payment estimates for the country. However, the data available from various sources * Department of Economics and Related Studies, University of York, York, UK We would like to extend our appreciation to Sabina Alkire, at the OPHI, for her support throughout.
    [Show full text]
  • The Case of Bhutan
    Food Sec. DOI 10.1007/s12571-017-0647-5 ORIGINAL PAPER The importance and challenges of crop germplasm interdependence: the case of Bhutan Mahesh Ghimiray1 & Ronnie Vernooy2 Received: 25 January 2016 /Accepted: 2 January 2017 # The Author(s) 2017. This article is published with open access at Springerlink.com Abstract An analysis of food crop germplasm flows into and Keywords Biodiversity . Crop germplasm . Food security . out of Bhutan was carried out to determine the extent of reli- Interdependence . Multilateral system . Pedigree analysis ance of Bhutanese agriculture on introduced germplasm. Methods used included literature review, key informant inter- views, field visits and crop pedigree analysis. Bhutan has been Introduction introducing foreign germplasm since the 1960s. By December 2015, about 300 varieties of 46 food crops including several No country in the world is self-sufficient in germplasm to non-traditional crops were introduced. Germplasm sources fulfill its food requirements. Most major agricultural crops include CGIAR centres such as IRRI, CIMMYT, ICARDA, evolved over a period of thousands of years in the developing and AVRDC and countries such as Bangladesh, India, Japan, countries which have the greatest concentration of genetic Korea, Nepal, and Thailand. Pedigree analysis of rice varieties diversity. Many countries heavily depend on non-indigenous indicated that 74% of the released varieties originated in other crops and imported germplasm for food and agricultural countries. Using imported germplasm, Bhutan has formally development (Fowler et al. 2000). Today, all countries and released over 180 varieties of cereals, fruits and vegetables. all regions have become highly interdependent (Galluzzi Initially, the germplasm flow was largely unregulated, but the et al.
    [Show full text]
  • Impact of Cross-Border Electricity Trade on Bhutan (Country Series)
    SOUTH ASIA REGIONAL INITIATIVE FOR ENERGY INTEGRATION (SARI/EI) Working Paper: Impact of Cross-Border Electricity Trade on Bhutan (Country Series) September, 2016 IRADe-SARI/EI-WP-2016-01 Report Prepared by: Mr. Gaurav Jain, Senior Research Analyst Mr. Vinay Kumar Saini, Senior Research Analyst SARI/EI Team, IRADe Disclaimer This study is made possible by the support of American people through the United States Agency for International Development (USAID). The contents of this study do not necessarily reflect the views of USAID or the United States Government. Integrated Research and Action for Development (IRADe) does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. SOUTH ASIA REGIONAL INITIATIVE FOR ENERGY INTEGRATION (SARI/EI) Working Paper: Impact of Cross-Border Electricity Trade on Bhutan (Country Series) September, 2016 Contents List of Abbreviations ..............................................................................................................v Acknowledgments ............................................................................................................... vii Executive Summary .............................................................................................................. ix 1. Introduction ......................................................................................................................01 2. Bhutan’s Power Sector ....................................................................................................04
    [Show full text]
  • Foreign Trade in Bhutan
    Chapter-6 Foreign Trade in Bhutan • Introduction • Bhutan's Trade Policy Initiatives • Trade Patterns in Bhutan • Bhutan's Trade Pattern with India • Bhutan's Trade with Countries other Than India • Bhutan's Overall Trade Pattem • External Trade and Environmental Linkages in Bhutan • Conclusion • Reference 6.1: Introduction The economy of Bhutan is regarded as a closed economy and characterized by extreme isolationism from the rest of the world. A careful probe into the history of the country however shows that the country did have trade relations with neibouring countries like India (Bengal & Assam) and Tibet even in the medieval period. However, there is no denying the fact that foreign trade of Bhutan was constrained by some genuinely prohibitive factors viz. landlockness of the country, prevailing barter economic system, existence of self-sufficient communities producing petty marketable surplus as well as its non-colonial regime. Bhutan's foreign trade was traditionally confined to a few basic essential commodities like salt, soda, kerosene, tea etc. and was not governed by laws of the comparative advantage. However, this trade helped economic development of the country from various aspects of development. This pattern of trade continued up to late 1950s. All this has been discussed in chapter-2 of this dissertation. It was only after the introduction of its planned development regime m 1961 that Bhutan's foreign trade gradually diversified both in terms of commodities as well as trading partners. Even at the beginning of its planned economic development, Bhutan exported a few primary products to its southern neighbours, the northern trade being closed for the Chinese occupation of Tibet in 1958.
    [Show full text]
  • The Production of Bhutan's Asymmetrical Inbetweenness in Geopolitics Kaul, N
    WestminsterResearch http://www.westminster.ac.uk/westminsterresearch 'Where is Bhutan?': The Production of Bhutan's Asymmetrical Inbetweenness in Geopolitics Kaul, N. This journal article has been accepted for publication and will appear in a revised form, subsequent to peer review and/or editorial input by Cambridge University Press in the Journal of Asian Studies. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © Cambridge University Press, 2021 The final definitive version in the online edition of the journal article at Cambridge Journals Online is available at: https://doi.org/10.1017/S0021911820003691 The WestminsterResearch online digital archive at the University of Westminster aims to make the research output of the University available to a wider audience. Copyright and Moral Rights remain with the authors and/or copyright owners. Manuscript ‘Where is Bhutan?’: The Production of Bhutan’s Asymmetrical Inbetweenness in Geopolitics Abstract In this paper, I interrogate the exhaustive ‘inbetweenness’ through which Bhutan is understood and located on a map (‘inbetween India and China’), arguing that this naturalizes a contemporary geopolitics with little depth about how this inbetweenness shifted historically over the previous centuries, thereby constructing a timeless, obscure, remote Bhutan which is ‘naturally’ oriented southwards. I provide an account of how Bhutan’s asymmetrical inbetweenness construction is nested in the larger story of the formation and consolidation of imperial British India and its dissolution, and the emergence of post-colonial India as a successor state. I identify and analyze the key economic dynamics of three specific phases (late 18th to mid 19th centuries, mid 19th to early 20th centuries, early 20th century onwards) marked by commercial, production, and security interests, through which this asymmetrical inbetweenness was consolidated.
    [Show full text]
  • Japan's Development Cooperation
    Acknowledgement I would like to extend my deepest gratitude to IDE-JETRO for providing me the opportunity to carry out my research for six months as a visiting research fellow. I am thankful to Tatsufumi Yamagata-san, Director General of International Exchange and Training Department for his profound advice and support. I owe my debt of gratitude to Shozo Sakata-san, my supervisor, for his valuable guidance and advice on my research. I remain thankful to Takeo Masuda-san, Atsuko Hirakata-san and Kumi Manda-san for their help and kind support in ensuring that my research activities were in order. I would also like to appreciate the efficient services rendered by a team of kind staff at the IDE-Library. My research immensely benefited from the interviews and interactions with Kitano Naohiro- san, Deputy Director at the JICA Research Institute, Suhara Yasuhiro-san, Deputy Director at the JICA headquarter, Asako Sakurai-san, Chief Director at JETRO headquarter, and Kenji Ishizuka-san at JETRO headquarter. I am deeply thankful to them. I would like to acknowledge that I have benefited from the interactions with fellow VRFs and other researchers at the IDE. My research also benefited from the feedback that I received during my research presentations. Finally, I would like apprise the readers that all the findings, interpretations and recommendations expressed in this research paper are solely of the author and do not imply the views of any government agency in Bhutan nor the IDE in Japan. -i- Contents Acknowledgement …………………………………………………………………………………………… i List of Figures …………………………………………………………………………………………… iv List of Tables ……………………………………………………………………………………………………… v List of Maps ………………………………………………………………………………………………… v List of Abbreviations ……………………………………………………………………………………… vi Abstract …………………………………………………………………………………………………… vii 1.
    [Show full text]
  • Where to Spend the Next Million? Approaches to Addressing Constraints Faced by Developing Countries As They Seek to Benefit from the Gains from Trade
    a “A welcome trend is emerging towards more clinical and thoughtful to Spend the Next Million? Where approaches to addressing constraints faced by developing countries as they seek to benefit from the gains from trade. But this evolving approach brings Where to Spend the Next with it formidable analytical challenges that we have yet to surmount. We need to know more about available options for evaluating Aid for Trade, Million? which interventions yield the highest returns, and whether experiences in one development area can be transplanted to another. These are some of the issues addressed in this excellent volume.” Applying Impact Evaluation to Pascal Lamy, Director-General, World Trade Organization Trade Assistance “Five years into the Aid for Trade project, we still need to learn much more about what works and what does not. Our initiatives offer excellent opportunities to evaluate impacts rigorously. That is the way to better connect aid to results. The collection of essays in this well-timed volume shows that the new approaches to evaluation that we are applying to Assistance Applyng Impact Evaluation to Trade education, poverty, or health programs can also be used to assess the results of policies to promote or assist trade. This book offers a valuable contribution to the drive to ensure value for aid money.” Robert Zoellick, President, The World Bank a THE WORLD BANK ISBN 978-1-907142-39-0 edited by Olivier Cadot, Ana M. Fernandes, Julien Gourdon and Aaditya Mattoo a THE WORLD BANK 9 781907 142390 WHERE TO SPEND THE NEXT MILLION? Where to Spend the Next Million? Applying Impact Evaluation to Trade Assistance Copyright © 2011 by The International Bank for Reconstruction and Development/The World Bank 1818 H Street, NW, Washington, DC 20433, USA ISBN: 978-1-907142-39-0 All rights reserved The findings, interpretations, and conclusions expressed herein are those of the author(s) and do not necessarily reflect the views of the Executive Directors of the International Bank for Reconstruction and Development/The World Bank or the governments they represent.
    [Show full text]
  • Economic History of Bhutan
    Chapter-2 Economic History of Bhutan • Periodization of History • Economic History of Medieval Bhutan • Conclusion • Reference 2.1: Periodization of History Periodization of history is essential for a logically convenient and chronologically better understanding of the past and the present. Evidence from historical literature shows that the so-called periodization is a common practice in order to distinguish between different socio-cultural, political and economic attributes under distinct chronological time periods. It is a general practice to divide the history of a country into three distinct periods- Ancient, Medieval and Modem, each period covering separate time periods. Following the same methodology, history of Bhutan is also divided into Ancient, Medieval and Modem. It is to be noted that periodization of Bhutanese history does not tally with that of other countries. It is accepted that modern Bhutan emerged in the 1960s following Jawahar Lal Nehru's visit and inception of planned development1, while in other neibouring countries like India it began centuries earlier. One important phase of Bhutan's history started in 1625 when Sabdrung Namgayal unified the country and brought it under a single authority. The history of pre-Sabgrung Bhutan is full of legends and myths and no reliable or authentic documents are available for the concerned period, which has been termed as Ancient history ensued from the 5th or 6th century A.D. According to the oldest Bhutanese chronicles, no formal religion and government, administration and taxation, castism and mutual interests existed in Ancient Bhutan. Self-sufficient village communities were governed by the villages heads without any communication, market transactions and education facilities.
    [Show full text]
  • Findings and Conclusion
    Chapter-8 Findings and Conclusion • Summary • Overall Findings and Concluding Remarks • Recommendations 8.1: Summary In this dissertation we have investigated in detail the influence of foreign aid and international trade on diversifying the economy of Bhutan and the resultant effects of these two variables on its people and environment. Bhutan being a small, mountainous, landlocked and thinly populated country emerged as a modem state in 1907 ruled by the hereditary monarchy. Since then Ugen Wangchuk, the first King of Bhutan, took initiatives to open Bhutan to Indian agencies through the implementation of various projects and programmes particularly on education, population, trade, communications and the use of natural resources to ensure the wellbeing of every citizen. We know from the history of medieval Bhutan that there existed feudalistic socio-political structure in Bhutan along with the practice of the system of slavery. Feudalism and slavery co-existed in this tiny backward economy especially since the seventeenth century. The slavery was completely abolished by the third king Jigme Dorji Wangchuk in 1952. The feudal system of production was also replaced gradually by the capitalist mode of production. It is to note that the British had some control over Bhutan's affairs, but Bhutan was never colonized. Till the early 1960s it was isolated from the rest of the world as the people of this country had to lead a simple way of living through traditional cultivation and trading. The process of development and modernization in Bhutan really began in the early 1960s with the achievement of substantial upgradation of social, economic and political institutions.
    [Show full text]
  • Macroeconomic Trends and Policy Implications: Evidence from Bhutan
    and health Macroeconomic Trends and Policy Implications: Evidence from Bhutan Mashrur Khan and Matthew Robson* 1. Introduction Bhutan has performed remarkably well with an average growth rate of 7.72 percent from 2004-2014. This growth is heavily fuelled by its strong hydropower sector, particularly the exports of hydropower, which have grown at an average rate of 18.1 percent over the same period. In recent years, hydropower capacity has been increased substantially, leading to higher exports and electricity generation in the country. In addition, the tourism sector has grown rapidly over the last decade, which largely contributed to the generation of revenue for the country. Despite these successes, the country has experienced some setbacks, particularly in recent years. The current account deficit has been on the rise, which was mainly due to increasing hydropower-related imports to facilitate the installation of new hydropower plants. In addition, rapid credit growth has led to a consumption and housing boom, which contributed to large non-hydropower related imports. Consequently, the total reserves for the country as a percentage of total external debt has declined - reducing their ability to service debt - which is concerning since their external debt as a ratio of GDP has risen to over 80 percent in 2013-14 from around 55 percent in 2007- 08. This paper focuses on the macroeconomic trends that Bhutan has experienced since the 1990s. The paper provides detailed graphs and tables on selected economic indicators, particularly on the budget, inflation and balance of payment estimates for the country. However, the data available from various sources * Department of Economics and Related Studies, University of York, York, UK We would like to extend our appreciation to Sabina Alkire, at the OPHI, for her support throughout.
    [Show full text]
  • CHAPTER 2 Back of Conflict with Ukraine
    BENDE BRUYN 34 MACROECONOMIC PERFORMANCE AND POLICY CHALLENGES AT THE SUBREGIONAL LEVEL 2 conomic growth momentum and the macroeconomic situation vary E widely among the countries in Asia and the Pacific, in line with the diversity across the region. Several of the trade-dependent countries are likely to perform better in 2014, as the global economic recovery gains traction. Their macroeconomic performances thus depend on the implementation of appropriate policy measures to deal with spillovers from developed economies. This requires careful examination of the underlying reasons for changes in the macroeconomic aggregates and the likely impact of policy measures. On the other hand, a number of countries, mostly those with large domestic markets, are poised to experience either a growth slowdown or stagnation in 2014 due to diverse structural challenges. These countries need to accelerate structural reforms to deal with long-term impediments, while at the same time, address short-term macroeconomic issues. The macroeconomic performance of commodity-exporting countries varied widely in 2013. This group of economies faces the prospect of slowing growth in 2014. To counteract this, they should undertake policies to accelerate economic diversification. BENDE BRUYN 35 ECONOMIC AND SOCIAL SURVEY OF ASIA AND THE PACIFIC 2014 This chapter presents a more disaggregated analysis the year decelerated, which had a negative impact of macroeconomic performance in 2013 and the on current account surpluses in some economies. prospects for 2014 at the subregional level, with Fourth, although the net impacts of structural reforms some discussion centred on the country level, given are yet to be seen, the strengthening of the global their policy challenges.
    [Show full text]