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CONTENTS
Page
Foreword .................................................................................................................................................................
iii
Preface ....................................................................................................................................................................
v
Acknowledgements ..............................................................................................................................................
xi
Abbreviations .........................................................................................................................................................
xxiv
Sources of quotations .........................................................................................................................................
xxvii
Chapter 1.
Chapter 2.
The return of the financial crisis: Managing, vulnerabilities and deepening
regional cooperation ....................................................................................................................
3
Impact of the crisis on Asia-Pacific .........................................................................................
3
Decline in domestic demand and exports ............................................................................
Negative impact on livelihoods and vulnerable groups .......................................................
3
13
Growth outlook for 2009 ............................................................................................................
16
Growth down across the board .............................................................................................
The backdrop for 2009 forecasts ...........................................................................................
Significant downside risks from protracted recession ..........................................................
16
16
17
Indicators of resilience and potential vulnerabilities ...........................................................
19
Sources of resilience ...............................................................................................................
Vulnerabilities on the watch list ..............................................................................................
19
19
From crisis-resilience to crisis-resistance: Next steps ......................................................
31
Global and regional cooperation in financial issues are at an infant stage ......................
31
References ........................................................................................................................................
37
Food and fuel price shocks .......................................................................................................
41
Evolution of fuel and food prices ............................................................................................
42
Underlying reasons for the volatility of fuel and food prices ...........................................
45
Fuel ...........................................................................................................................................
Food ..........................................................................................................................................
Integration of food, fuel and financial markets .....................................................................
45
46
48
Economic and social impacts ...................................................................................................
51
The policy challenge: Managing long-run fuel and food sustainability risks ...............
57
Energy .......................................................................................................................................
Food ..........................................................................................................................................
Biofuels .....................................................................................................................................
Social protection ......................................................................................................................
58
59
62
63
References ........................................................................................................................................
66
xiii
CONTENTS
(continued)
Page
Chapter 3.
The climate change challenge: Reorienting development towards greener
and sustainable growth ...............................................................................................................
71
Climate change and related vulnerabilities ............................................................................
73
Environmental impacts ............................................................................................................
73
Socio-economic impacts .........................................................................................................
73
Policy responses to climate change ........................................................................................
77
First strategy:
Utilizing the window of opportunity created by the financial crisis .....
78
Second strategy: Promoting a shift in the attitude towards climate change ...................
85
Third strategy:
Chapter 4.
xiv
Asia and the Pacific playing a critical role in the global climate
change agenda .........................................................................................
88
References ........................................................................................................................................
89
Subregional variations: Performance and policy responses ...........................................
93
East and North-East Asia: Impact of global financial crisis begins
to take its toll ...............................................................................................................................
94
Impact: Strong head wind slows economic performance ...................................................
94
Policy responses: Space for expansionary policies .............................................................
99
Outlook: Difficult times ahead as export engine falters .......................................................
101
North and Central Asia: Overall a year of mixed results .................................................
102
Impact: Resilient growth with some deceleration .................................................................
102
Policy responses: Solid fiscal positions, but concerns loom ..............................................
110
Outlook: Signs of weakening ..................................................................................................
110
Pacific island developing countries: Global economic slowdown clouds
long-term prospects .....................................................................................................................
112
Impact: Growth modest in most economies ........................................................................
114
Policy responses: Providing macroeconomic stability ..........................................................
119
Outlook: Slowdown with long term threats looming large ...................................................
121
South and South-West Asia: Downward pressures but steadfast resilience ...............
122
Impact: Moderating but robust growth ..................................................................................
125
Policy responses: Budget deficits under pressure ...............................................................
131
Outlook: Moderating growth with downward pressures .......................................................
132
South-East Asia: International financial crisis evolves into deepening
subregional industrial crisis .......................................................................................................
133
Impact: Dramatic drops in GDP and exports .......................................................................
133
Policy responses: As recessionary pressures mount, urgency of further
expansionary policies intensifies .............................................................................................
136
Outlook ......................................................................................................................................
139
CONTENTS
(continued)
Page
Chapter 5.
Developed economies in the ESCAP region: Heightened contagion and
deepening recession ....................................................................................................................
143
Impact: The return of recession .............................................................................................
143
Policy responses ......................................................................................................................
147
Outlook and key policy priorities ............................................................................................
150
Conclusion .....................................................................................................................................
150
References ........................................................................................................................................
151
Converging crises: Redirecting policies to achieve inclusive
and sustainable development ....................................................................................................
155
Commonalities among the crises .............................................................................................
156
Convergence and policy stresses ............................................................................................
157
The financial crisis threatens to converge on itself in a deep, downward spiral ..............
157
Financial excesses and commodity price volatility ...............................................................
157
Financial resources are scarce, and the costs of addressing climate change
challenges are high .................................................................................................................
158
The future of Asia and the Pacific: Investing in inclusive and sustainable
development ...................................................................................................................................
159
Public spending: Size matters ..............................................................................................
159
Quality matters more: The importance of forward planning ..............................................
159
Investing for inclusive growth and human progress ............................................................
160
Investing in environmentally sustainable development and innovation ...............................
161
How? Government as the peoples’ partner ..........................................................................
161
Towards an Asia-Pacific framework for inclusive and sustainable
growth and development ............................................................................................................
164
Resuming economic growth and preserving macroeconomic stability ..............................
165
Strengthening the social foundation of inclusive development ...........................................
166
Promoting sustainable development ......................................................................................
168
Guiding principles ....................................................................................................................
169
Conclusion .....................................................................................................................................
169
References ........................................................................................................................................
170
Statistical annex ....................................................................................................................................................
173
xv
BOXES
Page
1.1.
In a time of crisis, a rule-based multilateral trading system is more important than ever ................
30
2.1.
Food commodity prices in the last 100 years ........................................................................................
44
2.2.
Are speculators to blame? ........................................................................................................................
49
3.1.
National action plans on climate change ................................................................................................
80
3.2.
Trade-offs in biofuel production ................................................................................................................
82
3.3.
Adapting to climate change by the private sector: ESCAP-SIDA joint action ....................................
84
4.1
Responding to climate change in the Pacific: The Pacific Plan 2005 ................................................
113
4.2.
Inclusive growth to tackle widespread poverty and inequalities in South Asia ...................................
123
4.3.
Policy responses in supporting food security in South-East Asia ........................................................
140
5.1.
Infrastructure investment during economic downturns ...........................................................................
162
xvi
TABLES
Page
1.1.
Rate of change of average exchange rates for January-June 2008 as compared
to July-December 2008 .............................................................................................................................
23
1.2.
Share of Chinese and Indian imports from the ESCAP region and its subregions (2007) ...............
27
2.1
Impact of commodity price increases on the trade balance ................................................................
52
2.2.
Impact of food commodity inflation on domestic food inflation ...........................................................
54
3.1.
Selected examples of infrastructure damage and losses resulting from climatic events
in Asia, 2006-2008 .....................................................................................................................................
76
3.2.
Implementation of policy measures for technical fuel efficiency improvement ...................................
81
4.1.
Rates of economic growth and inflation in East and North-East Asia, 2007-2009 .............................
95
4.2.
Fiscal stimulus packages in China and the Republic of Korea ............................................................
100
4.3.
Rates of economic growth and inflation in North and Central Asian economies, 2007-2009 ...........
102
4.4.
External accounts for North and Central Asian economies, 2007-2008 ..............................................
108
4.5.
Export and import growth in North and Central Asian economies, 2006-2008 ..................................
109
4.6.
Fiscal stimulus packages in North and Central Asia .............................................................................
111
4.7.
Rates of economic growth and inflation in selected Pacific island economies, 2007-2009 ..............
112
4.8.
Current account balance in selected Pacific island economies, 2005-2008 .......................................
117
4.9.
Fiscal stimulus package in selected Pacific island economies ............................................................
119
4.10.
Rates of economic growth and inflation, South and South-West Asian economies, 2007-2009 .......
122
4.11.
Summary of external accounts for selected South and South-West Asian economies ......................
129
4.12.
Fiscal stimulus package in selected countries in South and South-West Asia ...................................
132
4.13.
Selected fiscal stimulus packages in South-East Asian region ............................................................
142
4.14.
Rates of economic growth and inflation of Australia, Japan and New Zealand, 2007-2009 .............
144
4.15.
Summary of external accounts for ESCAP developed countries ..........................................................
147
4.16.
Fiscal stimulus packages in developed countries in Asia and the Pacific ..........................................
148
xvii
FIGURES
Page
1.1.
Spread of 3-month LIBOR to 3-month United States Treasury bill rate, 1995-2008 ..........................
4
1.2.
Equity markets for selected developing ESCAP economies, 2006-2008 .............................................
5
1.3.
Performance of regional emerging markets equities indices, 15 September 20089 January 2009 ..........................................................................................................................................
5
Peak-to-trough equity market fall, decline from peak to trough in 1997/98
and peak to end-December 2008 in 2007/08 ........................................................................................
6
Path of equity market decline from peak to trough in 1997/98 as compared
with equity market decline from peak to end-December 2008 in 2007/08 .........................................
7
1.6.
Non-performing loan rates in selected developing ESCAP economies, Q2 2008 ..............................
8
1.7.
Export and import growth of selected ESCAP members and associate members to
and from the world, August-November 2008 ..........................................................................................
9
Export and import growth of selected ESCAP members and associate members
to and from Asia, August-November 2008 ..............................................................................................
9
Export performance of selected export-oriented developing ESCAP economies
by quarter, 2008 .........................................................................................................................................
9
1.10.
Real GDP growth of selected export-oriented developing ESCAP economies by quarter, 2008 ......
10
1.11.
Value of export and nominal GDP growth for ESCAP developing economies ....................................
11
1.12.
Inward direct investment as a share of GDP in selected developing ESCAP economies ................
11
1.13.
Contributions of domestic demand to GDP growth for selected developing
ESCAP economies .....................................................................................................................................
12
1.14.
Top 10 remittance-recipient developing economies in Asia and the Pacific, 2008 estimate .............
15
1.15.
Real GDP growth of selected developing ESCAP and developed economies, 2003-2009 ...............
16
1.16.
Rates of economic growth of selected developing and developed ESCAP economies,
2007-2009 ...................................................................................................................................................
17
Current account balance as a percentage of GDP in selected developing ESCAP
economies, 1996-2008 ..............................................................................................................................
20
1.18.
Foreign reserves as a percentage of GDP of selected developing ESCAP economies ....................
20
1.19.
Short-term external debt as a percentage of GDP in selected developing ESCAP economies .......
21
1.20.
Stock of foreign portfolio investment as a percentage of total external foreign
liabilities, 2002-2007 ...................................................................................................................................
21
Stock of foreign portfolio investments as a percentage of reserves for selected
emerging Asian countries, 2001 and 2007 .............................................................................................
21
1.4.
1.5.
1.8.
1.9.
1.17.
1.21.
xviii
FIGURES
(continued)
Page
1.22.
Exchange rate movements of selected developing ESCAP economies, 2007-2008 ..........................
22
1.23.
Change in nominal effective exchange rate from peak to trough in 1997-98 and 2007-08 ..............
22
1.24.
Foreign reserves in selected developing ESCAP economies, December 2007
to December 2008 .....................................................................................................................................
22
1.25.
Loan-to-deposit ratio of selected developing Asian economies, November 2008 .............................
23
1.26.
External public debt as a share of GDP of selected emerging Asian economies, Q2 2008 ............
24
1.27.
Total trade as a percentage of GDP: ESCAP subregions (developing economies only) .................
25
1.28.
Vulnerability index of selected Asian export-led growers .......................................................................
25
1.29.
ESCAP developing countries: export share and export dependence index
differences, 1995-2007 ..............................................................................................................................
26
Commodity structure of Chinese imports from ASEAN economies, India and the
Republic of Korea ......................................................................................................................................
27
1.31.
Differences between applied and bound tariffs, selected ESCAP members ......................................
28
1.32.
Export growth of selected Asian economies grouping to China and China to the
United States, 2006-2008 ..........................................................................................................................
29
1.33.
Moving from crisis-resistance to crisis-resilience ....................................................................................
32
2.1.
Food price index and Brent crude oil price, 1980-2008 .......................................................................
42
2.2.
Food price index and Brent crude oil price, adjusted by inflation, 1980-2008 ...................................
42
2.3.
FAO food price index and its components, 2006-2008 .........................................................................
43
2.4.
Price indexes of selected cereals, 2007-2008 ........................................................................................
43
2.5.
Production and consumption of petroleum, 1997-2007 ........................................................................
45
2.6.
World consumption of petroleum and world GDP growth rates, 1982-2007 ......................................
45
2.7.
Share of increase in world petroleum consumption: top 10 countries ..............................................
46
2.8.
World grain stocks in days of consumption, 1978-2008 .......................................................................
46
2.9.
Trends in world consumption of maize, rice and wheat, 1978-2008 ...................................................
47
2.10.
Relationship between crude oil price and dollar/euro exchange rate, 2006-2008 ..............................
50
2.11.
Impact of fuel and food prices on the trade balance, 2004-2007 .......................................................
53
2.12.
Increases in headline and food inflation rates between 2007 and 2008 .............................................
54
2.13.
Rates of CPI inflation, by ESCAP subregion, 2007-2009 .......................................................................
55
1.30.
xix
FIGURES
(continued)
Page
2.14.
Sustainability: balancing the demand and supply of crude oil and food ..........................................
57
2.15.
Policies to balance demand for and supply of crude oil ......................................................................
58
2.16.
Petroleum intensity of GDP, by ESCAP subregion, 1990-2005 ..............................................................
60
2.17.
Policies to balance demand for and supply of food .............................................................................
61
2.18.
Break-even prices for maize and crude oil with and without subsidies ..............................................
62
4.1.
Slackening of economic growth in 2008, selected economies .............................................................
94
4.2.
Acceleration of inflation rate in 2008, selected economies ...................................................................
96
4.3.
Mixed exchange rate movements: sharp depreciation of the Korean won and
Mongolian tugrik, other currencies stable ...............................................................................................
97
4.4.
Deterioration of current account balances in 2008, selected economies ............................................
98
4.5.
China’s fiscal stimulus package focusing on infrastructure investments .............................................
99
4.6.
Solid but weakening fiscal positions in 2008, selected countries ........................................................
99
4.7.
Real GDP and sectoral growth in North and Central Asian economies, 2007-2008 ..........................
103
4.8.
Budget balance as a percentage of GDP in selected North and Central Asian
economies, 2007-2008 ..............................................................................................................................
105
4.9.
Inflation in North and Central Asian economies, 2007-2008 .................................................................
106
4.10.
Exchange rates, against the United States dollar, of selected North and Central Asian
economies, 1996-2008 ..............................................................................................................................
107
4.11.
Real GDP growth in selected Pacific island economies, 2006-2008 ....................................................
114
4.12.
Inflation in selected Pacific island economies, 2006-2008 ....................................................................
116
4.13.
Economic growth rates and sectoral contributions in selected South and
South-West Asian economies, 2007-2008 ...............................................................................................
125
4.14.
Inflation in South and South-West Asian economies, 2007-2008 .........................................................
127
4.15.
Budget deficits as a percentage of GDP in South and South-West Asian
economies in 2007-2008 ...........................................................................................................................
130
4.16.
GDP growth dropped in 2008, but the worse is still to come .............................................................
134
4.17.
Domestic demand growth did not help smooth out the impact of dropping
exports during 2008 ...................................................................................................................................
135
4.18.
Inflation trends reverted in the second half of 2008 ..............................................................................
136
4.19.
2009 inflation rates expected to drop back to levels similar to 2007 ..................................................
137
xx
FIGURES
(continued)
Page
4.20.
Current account balances deteriorated during 2008 ..............................................................................
137
4.21.
Monetary policy easing since last months of 2008 ................................................................................
137
4.22.
Currencies depreciated in the second half of 2008 ...............................................................................
138
4.23.
Budget deficits remain under control ......................................................................................................
139
4.24.
Economic growth in developed ESCAP countries, 2006-2008 .............................................................
143
4.25.
Inflation in developed ESCAP economies, 2006-2008 ...........................................................................
145
xxi
EXPLANATORY NOTES
Staff analysis in the Survey 2009 is based on data and information available up to the end of January 2009.
The term “ESCAP region” is used in the present issue of the Survey to include Afghanistan; American Samoa; Armenia; Australia;
Azerbaijan; Bangladesh; Bhutan; Brunei Darussalam; Cambodia; China; Cook Islands; Democratic People’s Republic of Korea; Fiji;
French Polynesia; Georgia; Guam; Hong Kong, China; India; Indonesia; Iran (Islamic Republic of); Japan; Kazakhstan; Kiribati;
Kyrgyzstan; Lao People’s Democratic Republic; Macao, China; Malaysia; Maldives; Marshall Islands; Micronesia (Federated
States of); Mongolia; Myanmar; Nauru; Nepal; New Caledonia; New Zealand; Niue; Northern Mariana Islands; Pakistan; Palau;
Papua New Guinea; Philippines; Republic of Korea; Russian Federation; Samoa; Singapore; Solomon Islands; Sri Lanka;
Tajikistan; Thailand; Timor-Leste; Tonga; Turkey; Turkmenistan; Tuvalu; Uzbekistan; Vanuatu; and Viet Nam. The term “developing
ESCAP region” excludes Australia, Japan and New Zealand. Non-regional members of ESCAP are France, the Netherlands, the
United Kingdom of Great Britain and Northern Ireland and the United States of America.
The term “Central Asian countries” in this issue of the Survey refers to Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan,
Tajikistan, Turkmenistan and Uzbekistan.
The term “East and North-East Asia” in this issue of the Survey refers to China; Hong Kong, China; Mongolia; and the Republic
of Korea.
The designations employed and the presentation of the material in this publication 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.
Mention of firm names and commercial products does not imply the endorsement of the United Nations.
The abbreviated title Survey in footnotes refers to the Economic and Social Survey of Asia and the Pacific for the year indicated.
Many figures used in the Survey are on a fiscal year basis and are assigned to the calendar year which covers the major part
or second half of the fiscal year.
Growth rates are on an annual basis, except where indicated otherwise.
Reference to “tons” indicates metric tons.
Values are in United States dollars unless specified otherwise.
The term “billion” signifies a thousand million. The term “trillion” signifies a million million.
In the tables, two dots (..) indicate that data are not available or are not separately reported, a dash (–) indicates that the
amount is nil or negligible, and a blank indicates that the item is not applicable.
In dates, a hyphen (-) is used to signify the full period involved, including the beginning and end years, and a stroke (/)
indicates a crop year, fiscal year or plan year. The fiscal years, currencies and 2008 exchange rates of the economies in the
ESCAP region are listed in the following table:
Country or area in the ESCAP region
Afghanistan ..........................................
American Samoa ................................
Armenia ...............................................
Australia ...............................................
Azerbaijan ............................................
Bangladesh ..........................................
Bhutan ..................................................
Brunei Darussalam .............................
Cambodia ............................................
China ....................................................
Cook Islands .......................................
Democratic People’s Republic
of Korea ...........................................
Fiji .........................................................
French Polynesia .................................
xxii
Fiscal year
Currency and abbreviation
Rate of exchange
for $1 as at
December 2008
21 March to 20 March
..
1 January to 31 December
1 July to 30 June
1 January to 31 December
1 July to 30 June
1 July to 30 June
1 January to 31 December
1 January to 31 December
1 January to 31 December
1 April to 31 March
afghani (Af)
United States dollar ($)
dram
Australian dollar ($A)
Azeri manat (AZM)
taka (Tk)
ngultrum (Nu)
Brunei dollar (B$)
riel (CR)
yuan renminbi (Y)
New Zealand dollar ($NZ)
..
1 January to 31 December
..
won (W)
Fiji dollar (F$)
French Pacific Community franc
(FCFP)
52.12
1.00
305.10a
1.44
0.81a
68.94
49.25a
1.48
4 081.00
6.84
1.72
139.00
1.83a
85.73
Country or area in the ESCAP region
Fiscal year
Georgia ................................................
Guam ...................................................
Hong Kong, China ..............................
India .....................................................
Indonesia .............................................
Iran (Islamic Republic of) ...................
Japan ...................................................
Kazakhstan ..........................................
Kiribati ..................................................
Kyrgyzstan ...........................................
Lao People’s Democratic Republic ...
Macao, China ......................................
Malaysia ...............................................
Maldives ...............................................
Marshall Islands ..................................
Micronesia (Federated States of) ......
Mongolia ..............................................
Myanmar ..............................................
Nauru ...................................................
Nepal ...................................................
New Caledonia ....................................
1 January to 31 December
1 October to 30 September
1 April to 31 March
1 April to 31 March
1 April to 31 March
21 March to 20 March
1 April to 31 March
1 January to 31 December
1 January to 31 December
1 January to 31 December
1 October to 30 September
1 July to 30 June
1 January to 31 December
1 January to 31 December
1 October to 30 September
1 October to 30 September
1 January to 31 December
1 April to 31 March
1 July to 30 June
16 July to 15 July
..
New Zealand .......................................
Niue ......................................................
Northern Mariana Islands ...................
Pakistan ...............................................
Palau ....................................................
Papua New Guinea .............................
Philippines ...........................................
Republic of Korea ...............................
Russian Federation .............................
Samoa .................................................
Singapore ............................................
Solomon Islands .................................
Sri Lanka .............................................
Tajikistan ..............................................
Thailand ...............................................
Timor-Leste ..........................................
Tonga ...................................................
Turkey ...................................................
Turkmenistan ........................................
Tuvalu ...................................................
Uzbekistan ...........................................
Vanuatu ................................................
Viet Nam ..............................................
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
April to 31 March
April to 31 March
October to 30 September
July to 30 June
October to 30 September
January to 31 December
January to 31 December
January to 31 December
January to 31 December
July to 30 June
April to 31 March
January to 31 December
January to 31 December
January to 31 December
October to 30 September
July to 30 June
July to 30 June
January to 31 December
January to 31 December
January to 31 December
January to 31 December
January to 31 December
January to 31 December
Currency and abbreviation
Rate of exchange
for $1 as at
December 2008
lari (L)
United States dollar ($)
Hong Kong dollar (HK$)
Indian rupee (Rs)
Indonesian rupiah (Rp)
Iranian rial (Rls)
yen (Y
=)
tenge (T)
Australian dollar ($A)
som (som)
new kip (NK)
pataca (P)
ringgit (M$)
rufiyaa (Rf)
United States dollar ($)
United States dollar ($)
tugrik (Tug)
kyat (K)
Australian dollar ($A)
Nepalese rupee (NRs)
French Pacific Community franc
(FCFP)
New Zealand dollar ($NZ)
New Zealand dollar ($NZ)
United States dollar ($)
Pakistan rupee (PRs)
United States dollar ($)
kina (K)
Philippine peso (P)
won (W)
ruble (R)
tala (WS$)
Singapore dollar (S$)
Solomon Islands dollar (SI$)
Sri Lanka rupee (SL Rs)
somoni
baht (B)
United States dollar ($)
pa’anga (T$)
Turkish lira (LT)
Turkmen manat (M)
Australian dollar ($A)
som (som)
vatu (VT)
dong (D)
10
10
8
1
1
14
1
16
1.67
1.00
7.75
48.45
950.00
009.00a
90.28
120.77
1.44
38.21b
609.20c
7.98a
3.46
12.80
1.00
1.00
267.51
5.74
1.44
79.60b
85.73
1.72
1.72
1.00
79.11
1.00
2.68
47.49
262.00
29.38
2.73b
1.44
8.01
113.33
3.45
34.98
1.00
2.07
1.23
250.00b
1.44
328.00b
112.62
977.00
Sources: United Nations, Monthly Bulletin of Statistics website, http://unstats.un.org/unsd/mbs/Default.aspx, 10 February 2009; CEIC Data Company
Limited; and national sources.
a
b
c
November 2008.
October 2008.
August 2008.
xxiii
ABBREVIATIONS
ADB
Asian Development Bank
APCAEM
Asian and Pacific Centre for Agricultural Engineering and Machinery
ASEAN
Association of Southeast Asian Nations
BRT
bus rapid transit
CAPSA
Centre for Alleviation of Poverty through Secondary Crops Development in Asia and the Pacific
CDM
clean development mechanism
CD-ROM
compact disk read-only memory
CH4
methane
c.i.f.
cost, insurance, freight
CNG
compressed natural gas
CO2
carbon dioxide
CO2e
equivalent carbon dioxide
CO2-eq
carbon dioxide equivalent
CPI
consumer price index
CRED
Centre for Research on the Epidemiology of Disasters
CSR
corporate social responsibility
EIU
Economist Intelligence Unit
EM-DAT
Emergency Events Database
EU ETS
European Union Emission Trading Scheme
FAO
Food and Agriculture Organization of the United Nations
FDI
foreign direct investment
f.o.b.
free on broad
GDP
gross domestic product
GHG
greenhouse gas
IEA
International Energy Agency
IES
Integrated Environmental Strategies
xxiv
ABBREVIATIONS
(continued)
IGES
Institute for Global Environmental Strategies
ILO
International Labour Organization
IMF
International Monetary Fund
IPCC
Intergovernmental Panel on Climate Change
LIBOR
London Interbank Offer Rate
LPG
liquefied petroleum gas
M2
broad money supply
MDG
Millennium Development Goal
NGO
non-governmental organization
N2O
nitrous oxide
NPL
non-performing loan
OECD
Organization for Economic Cooperation and Development
OFDA
Office of Foreign Disaster Assistance (United States)
ppm
parts per million
PPP
purchasing power parity
PRSPs
poverty reduction strategy papers
PTA
preferential trade agreement
R&D
research and development
REDAT
Regional Disaster Information Management System
SAARC
South Asian Association for Regional Cooperation
Sida
Swedish International Development Cooperation Agency
SME
medium-sized enterprise
TCG
Tripartite Core Group (ASEAN-United Nations-Myanmar)
UNCTAD
United Nations Conference on Trade and Development
UNDP
United Nations Development Programme
UNEP
United Nations Environment Programme
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ABBREVIATIONS
(continued)
UNFCCC
United Nations Framework Convention on Climate Change
USAID
United States Agency for International Development
VAT
value added tax
WFP
World Food Programme
WHO
World Health Organization
WMO
World Meteorological Organization
WTO
World Trade Organization
WWF
World Wildlife Fund
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SOURCES OF QUOTATIONS
(a)
Page 2: an excerpt from a statement entitled “Let us work together to promote economic development”
delivered by President Hu Jintao at the APEC CEO Summit, held in Lima, Peru, on 21 November 2008
(source: http://www.fmprc.gov.cn/eng/wjdt/zyjh/t524324.htm).
(b)
Page 40: an excerpt from the message of Prime Minister Manmohan Singh to the General Assembly of the
United Nations on 26 September 2008 (source: http://www.un.int/india/2008/ind1452.pdf).
(c)
Page 70: an excerpt from a statement delivered by President Lee Myung-bak as he presided over the first
session of the Green Growth Commission of the Republic of Korea, published on 27 February 2009 (source:
http://www.futuregov.net/articles/2009/feb/27/green-growth-commission-launched-korea/).
(d)
Page 92: an excerpt from an exclusive interview with Prime Minister Lee Hsien Loong in the Bangkok Post,
published 27 February 2009 (source: http://www.bangkokpost.com/news/asian/136919/exclusive-interview-withsingapore-prime-minister-lee-hsien-loong).
(e)
Page 154: an excerpt from the message of Prime Minister Kevin Rudd to the General Assembly of the
United Nations on 26 September 2008 (source: http://www.un.org/ga/63/generaldebate/pdf/australia_en.pdf ).
(f)
Page 172: an excerpt from a keynote speech delivered by President H. Susilo Bambang Yudhoyono at the
APEC CEO Summit, held in Lima, Peru, on 21 November 2008 (source: http://www.presidenri.go.id/
index.php/eng/pidato/2008/11/22/1035.html).
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