Development

The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect developments in the region. This Update presents the region’s economic outlook, depicting rapidly changing trends and macroeconomic challenges amidst external headwinds.

The world is increasingly facing a technologically changing employment landscape and such changes are directly affecting the future demand for skills. For regional economies built on labour migration, the impending changes will affect migrants and their families, their countries of origin and the recruitment systems they are attached to – and ultimately disrupt the development benefits of migration. This paper investigates how the future of the employment landscape will affect migration within the Abu Dhabi Dialogue, a regional consultative process for migration in Asia. It investigates the impending changes in the demand for skills in countries of destination, how such changes will affect migration processes and whether countries of origin are ready for the changes. It provides recommendations on how regional consultative processes can foster dialogue between key actors from both countries of origin and destination to better navigate future changes and ensure a smooth transition.

Many Emerging Asian countries have been refining macroprudential policies, particularly since the Global Financial Crisis. For instance, they have developed policies targeting housing markets and broadly transposed the Basel III requirements into their national legislation. In the wake of the COVID-19 pandemic, policy makers now need to identify emerging vulnerabilities and their associated financial stability risks and respond with the appropriate macroprudential tools. This publication provides a detailed overview of the current macroprudential policy situation in Emerging Asian countries and explores how the macroprudential policy toolkit has evolved. The report discusses some of the most pressing challenges to financial stability, including the interaction of macroprudential policy with other policies. It also devotes special attention to macroprudential policies for emerging priorities, such as achieving green goals and updating regulatory frameworks to reflect ongoing Fintech developments. Climate change will indeed create new challenges in financial markets, while Fintech developments bring about many economic opportunities and deepen financial systems, but present a variety of novel risks requiring rapid policy responses.

Blockchain is mainstreaming, but the number of blockchain for development use-cases with proven success beyond the pilot stage remain relatively few. This paper outlines key blockchain concepts and implications in order to help policymakers reach realistic conclusions when considering its use. The paper surveys the broad landscape of blockchain for development to identify where the technology can optimise development impact and minimise harm. It subsequently critically examines four successful applications, including the World Food Programme’s Building Blocks, Oxfam’s UnBlocked Cash project, KfW’s TruBudget and Seso Global. As part of the on-going work co-ordinated by the OECD’s Blockchain Policy Centre, this paper asserts that post-COVID-19, Development Assistance Committee (DAC) donors and their development partners have a unique opportunity to shape blockchain’s implementation.

This paper explores how innovation in low and middle-income countries is enhancing their local and national responses to the COVID-19 pandemic. The paper also analyses how innovation could further address locally relevant development challenges by mobilising resources, improving processes and catalysing collaboration. Lastly it examines how international development organisations can improve their support for local and national innovation efforts.

India is home to a dynamic and vibrant community of civil society organisations (CSOs). Indian CSOs are often innovating to bridge development gaps and cater to the needs of marginalised and vulnerable groups. Historically, India is a pioneer of triangular co‑operation with first projects dating back to India’s independence in 1947. Over the past decade, triangular co-operation has gathered momentum at the global level and India has been a champion of this. A specific Indian model of triangular co-operation is emerging through which India and its partners aim to leverage domestic development innovations and the strengths of India’s diverse landscape of civil society organisations by scaling up bilateral co-operation and partnerships via triangular initiatives. Especially in African and neighbouring Asian countries there is a high demand to learn from Indian innovations and expertise, as they are considered to be easier to adapt to the local contexts. This paper provides insights into different ways of engaging in triangular co‑operation with India and sets out opportunities as well as challenges in enhancing triangular co-operation in the future with a broad range of CSO and government partners.

Subnational governments’ capacity to effectively fund and deliver public services are crucial for the realisation of the benefits of decentralisation. However, subnational capacities often suffer from significant weaknesses, ranging from inadequate assignments of own-revenues, through to flaws in tax administration, the design of intergovernmental transfers, spending assignments and various aspects of public financial management. The volume discusses how better diagnostics and more strategic reforms can contribute to easing the resource constraints on subnational governments, as well as creating appropriate incentives for these governments to improve performance. The volume includes studies of the enabling conditions for subnational capacity building in Asia, as well as focused studies of China and India's fiscal relations challenges.

The Economic Outlook for Southeast Asia, China and India is a bi-annual publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.The update of the Outlook comprises three main parts, each highlighting a particular dimension of recent economic developments in the region. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second and third parts consist of special thematic chapters addressing a major issue facing the region. This update focuses on smart cities, discussing in particular smart city strategies and urban environmental risks.

The Economic Outlook for Southeast Asia, China and India is a bi-annual publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.The update of the Outlook comprises two main parts, each highlighting a particular dimension of recent economic developments in the region. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. And the second part consists of a special thematic chapter addressing a major issue facing the region. This update focuses on promoting opportunities in e-commerce.