UNITED NATIONS ECONOMIC AND SOCIAL COMMISSION FOR ASIA AND THE PACIFIC Regional High-Level Workshop on "Strengthening the Response to the Global Financial Crisis in Asia-Pacific: The Role of Monetary, Fiscal and External Debt Policies"

1 See MPFD Policy Brief No. 38 entitled “Increasing agricultural productivity for sustainable development”, April 2016 (Bangkok, ESCAP), Source: ESCAP calculations, based on data from the ESCAP Statistical Database and the World Development Indicators database of the World Bank. Note: The trend in labour productivity growth is a result of using the Hodrick-Prescott filter. The Economic and Social Survey for Asia and the Pacific 2016 highlights that developing countries in the region should move from a development model that is currently driven by exports to developed economies to one in which domestic and regional demand plays a greater role. This would make development more sustainable and less vulnerable to an at times volatile external sector. Indeed, emphasis on domestic and regional demand becomes all the more important and relevant considering the recent decline in trade flows.