New Delhi: The economic growth in Asian countries over the last four decades has not been inclusive and most of the economic gains got concentrated in the top 1 per cent of the population, a report by UNESCAP said on Thursday.
The region should adopt more inclusive policies for equitable development and achieve the Sustainable Development Goals (SDGs), said Nagesh Kumar, Director and Head of South and South-West Asia, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) while releasing the report.
"The average income or wealth of the top 1 per cent income group has increased by more than 4.5 times since 1980, while that of the bottom 10 per cent grew by less than 2.5 times during the period, and that too from a low base," said the Economic and Social Survey of Asia and the Pacific 2019.
According to the report, to achieve the SDGs by 2030, the developing countries in Asia-Pacific region will have to invest an additional $1.5 trillion per year, which is 5 per cent of their 2018 combined GDP.
The SDGs were adopted under the United Nations Development Programme with a target to end poverty, protect the planet and ensure peace and prosperity to all by 2030.
"At less than a dollar per person per day, such an investment is worthwhile as it would deliver an escape for more than 400 million people from extreme poverty and malnutrition and basic health care," it said.