Context: Recently, a report titled ‘Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies’ was released by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).

• India’s economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the coronavirus pandemic.

An economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic’s impact on normal business activity.

• A subsequent change in lockdown policies and success in reducing infection rates supported an impressive economic turnaround in the third quarter.
• However, the pace of recovery moderated in the fourth quarter with estimated year-on-year growth still close to zero.

China’s swift and effective response to COVID-19 enabled it to become the only major economy worldwide to achieve a positive annual economic growth rate in 2020.

• Supported by strong recovery in industrial production, infrastructure and housing investment, merchandise exports, and a modest recovery in private consumption.
• Its 6.5 per cent year-on-year growth rate in the fourth quarter exceeded pre-pandemic growth levels.

On an average, developing Asia-Pacific economies are expected to grow 5.9 per cent in 2021 and 5 per cent in 2022, after having experienced an estimated contraction of 1 per cent in 2020.

• Despite a reasonably strong rebound expected in 2021, a ‘K-shaped recovery’ is likely, with poorer countries and more vulnerable groups marginalised in the post-pandemic recovery and transition period.

About Economic and Social Survey of Asia and the Pacific
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) was established in 1947.

• It was previously known as the Economic Commission for Asia and the Far East (ECAFE).
• It is published annually.
• It is one of the longest, continuously running reports in the United Nations system, providing decision makers in the region with valuable information in forming development policy for decades.
• The Survey monitors regional progress, provides cutting-edge analyses and guides policy discussion on the current and emerging socio-economic issues and policy challenges to support inclusive and sustainable development in the region.
• Since 1957, the Survey has also contained a study or studies focusing on a significant aspect or challenge relevant to the economies of the Asia-Pacific region.

About United Nations Economic and Social Commission for Asia and the Pacific

• UNESCAP is the regional development arm of the United Nations in Asia and the Pacific established in 1947.
• UNESCAP serves as the United Nations’ regional hub promoting cooperation among countries to achieve inclusive and sustainable development.
• Headquarters: Bangkok, Thailand

Objective: To overcome some of the region’s greatest challenges by providing results-oriented projects, technical assistance and capacity building to member States.

• The Commission’s strategic focus is to deliver on the 2030 Agenda for Sustainable Development, which is reinforced and deepened by promoting regional cooperation and integration.
• ESCAP emphasizes strengthening institutional capacities to serve the rights of the people of the region and address their aspirations and needs.
• Members: 53 Member States and 9 Associate Members from Asia-Pacific Region including India.