Analysis by Kalinga Seneviratne
BANGKOK (IDN) – The major United Nations agency overseeing development in the Asia-Pacific region has called for a major rethink in the development paradigm for the region.
In an ‘Economic and Social Survey’ of the region presented to its 72nd sessions here from May 17 to 19, the Economic and Social Commission for Asia and the Pacific (ESCAP) says that while the centre of global economic gravity continues to move eastwards, the time has come for the Asia-Pacific region to adopt a development model that relies more on domestic and regional demand.
Arguing that it is futile to continue the exclusive reliance on export-led development, ESCAP is also calling for more rural agriculture and industrial development, with better rural-urban connectivity via transport and communication links.