ASEAN Progress Towards Sustainable Development Goals and The Role of the IMF
Source details
- Canonical URL
- ASEAN Progress Towards Sustainable Development Goals and The Role of the IMF
Other formats
Bibliographic details
- Published: November 8, 2018
Summary of context and scope
- The 17 SDGs, adopted in 2015 and to be met by 2030, expand the development agenda beyond the Millennium Development Goals (to have been met by 2015) to include inclusion and environmental sustainability applicable to all ASEAN member countries.
- ASEAN countries have experienced significant progress since 2000 in incomes, economic opportunities (including for women), and poverty reduction; continued income growth, structural transformation, and infrastructure improvements underpin sustainable development prospects in the region.
- With continued income growth and strong policy efforts, most ASEAN countries are on track to eradicate absolute poverty by 2030.
- Several ASEAN countries already perform relatively well on gender equality; continued income gains are expected to support convergence of ASEAN economic welfare toward advanced Asia levels.
Key development challenges and assessment
- Inclusive growth and environmental sustainability remain central challenges:
- Income inequality remains relatively high in several ASEAN countries.
- Structural shifts toward manufacturing create strains on environmental sustainability.
- These challenges inhibit welfare convergence relative to advanced Asia.
- Lower-middle-income ASEAN countries face pressing needs to improve infrastructure, health, and education outcomes.
- Sustainable development gaps call for comprehensive, country-specific SDG strategies integrated into national development plans and monitored through the voluntary review process.
Spending needs and financing implications
- Case-study estimates for Indonesia and Vietnam show that reaching the level of best performers in their income group in infrastructure, health, and education by 2030 could entail an additional cost of 5½–6½ percent of GDP per year.
- Development needs vary across countries, but estimates indicate large spending needs for most ASEAN countries.
- Meeting these needs will require:
- Improvements in spending efficiency.
- Strengthening tax capacity.
- Increased support from the private sector.
- For developing ASEAN countries, concessional financing from development partners will be required.
IMF engagement and policy support
- The IMF has increased engagement with ASEAN countries to support SDG-related policy efforts through policy diagnostics, advice, and capacity development.
- IMF initiatives have supported ASEAN countries in:
- Strengthening revenue mobilization.
- Building state capacity for infrastructure provision.
- Pursuing economic and financial inclusion.
- Addressing the challenges of climate change.
- Strengthening economic institutions for good governance.
- Building statistical capacity.
- While fundamental reforms take time, there is evidence that policy and capacity-building efforts have begun to yield positive results.
ASEAN Progress Towards Sustainable Development Goals and The Role of the IMF — November 8, 2018
Content in this bundle
- Asean Progress Towards the Sustainable Development Goals