Economic and Social Survey
of Asia and the Pacific 2023
Rethinking Public Debt for the Sustainable Development GoalsThe shaded areas of the map indicate ESCAP members and associate members.*
The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive
intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation
among its 53 member States and 9 associate members in pursuit of solutions to sustainable
development challenges. ESCAP is one of the five regional commissions of the United Nations.
The ESCAP secretariat supports inclusive, resilient and sustainable development in the region
by generating action-oriented knowledge, and by providing technical assistance and capacity
-building services in support of national development objectives, regional agreements and the
implementation of the 2030 Agenda for Sustainable Development.
*The designations employed and the presentation of material on this map do not imply the expression of any
opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country,
territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Economic and Social Survey
of Asia and the Pacific 2023
Rethinking Public Debt for the
Sustainable Development GoalsEconomic and Social Survey of Asia
and the Pacific 2023
Rethinking Public Debt for the Sustainable Development Goals
United Nations Publication
Language: ENGLISH
Sales no.: E.23.II.F.2
Copyright (c) United Nations 2023
All rights reserved
Printed in Bangkok
ISBN: 9789211208542
eISBN: 9789210025560
ISSN: 0252-5704
eISSN: 2412-0979
ST/ESCAP/3080
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No use may be made of this publication for resale or any other commercial purpose whatsoever without prior
permission. Applications for such permission, with a statement of the purpose and extent of reproduction,
should be addressed to the Secretary of the Publications Board, United Nations, New York. FOREWORD
Our world is facing a rising tide of trouble.
The continuing war in Ukraine and a cost-of-living crisis have
increased poverty and inequality, and deepened the socioeconomic
scars left behind by the COVID-19 pandemic. Historically high
inflation is undermining economic stability, while rising interest
rates are adding to the fiscal and debt stress of developing
economies at precisely the moment when they should be stepping
up investments in the Sustainable Development Goals.
For Asia and the Pacific - home to 4.3 billion people, or three out
of every five people on Earth - these crises are threatening to
reverse years of development gains and hindering investments in
an inclusive and sustainable future.
Growing post-pandemic public debt, together with weaker
economic growth prospects and higher interest rates, have
António Guterres considerably increased the risk of public debt distress across the
Secretary-General ofregion.
the United Nations
The Economic and Social Survey of Asia and the Pacific 2023
highlights a fundamental truth: recovery and development depend
on equitably and sustainably managing debt, massive investments
in the Sustainable Development Goals, and transforming the
international financial system to make it fairer and more resilient.
This is why I have called for a fundamental reform of the
international financial architecture and an SDG Stimulus to
increase financing at the scale required to deliver on the 2030
Agenda for Sustainable Development.
Throughout, the United Nations will continue standing with
countries across Asia and the Pacific to help them invest in a
sustainable, inclusive and resilient future for their people.
CONTENTS
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ECONOMIC AND SOCIAL SURVEY OF ASIA AND THE PACIFIC 2023: RETHINKING PUBLIC DEBT FOR THE SUSTAINABLE DEVELOPMENT GOAL