The COVID-19 pandemic has brought to light serious vulnerabilities across Asia and the Pacific: global poverty is increasing; public services are strained, especially in health and education; economic growth is shrinking; and inequality is rising. ADB expects that the economies of 33 out of our 46 developing members will contract this year, Masatsugu Asakawa, President, Asian Development Bank told the Webinar on Domestic Resource Mobilization and International Tax Cooperation at the ADB 53rd Annual Meeting & Board of Governors Meeting held virtually this year.
Governments face increased pressure on their budgets and public debt due to an increase in large-scale countercyclical expenditure programs and a decrease in tax revenues.
At the same time, governments must secure additional financial resources to brace themselves for potential subsequent waves of the pandemic while also getting their growth trajectory back on track to achieve the Sustainable Development Goals (SDGs).
The COVID-19 pandemic has brought to light serious vulnerabilities across Asia and the Pacific: global poverty is increasing; public services are strained, especially in health and education; economic growth is shrinking; and inequality is rising. ADB expects that the economies of 33 out of our 46 developing members will contract this year, Masatsugu Asakawa, President, Asian Development Bank told the Webinar on Domestic Resource Mobilization and International Tax Cooperation at the ADB 53rd Annual Meeting & Board of Governors Meeting held virtually this year.
Governments face increased pressure on their budgets and public debt due to an increase in large-scale countercyclical expenditure programs and a decrease in tax revenues.
At the same time, governments must secure additional financial resources to brace themselves for potential subsequent waves of the pandemic while also getting their growth trajectory back on track to achieve the Sustainable Development Goals (SDGs). To page 18
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