Putting forward six suggestions to consider in framing post-Covid-19 economic recovery plan, Prime Minister Sheikh Hasina on Tuesday underscored the need for taking immediate collective action to help mitigate the impacts of the pandemic. "As we’re witnessing the challenges, we need to take immediate collective and concerted action to help mitigate the impacts of the pandemic through expanding trade, business and investment for our common prosperity," she said in a pre-recorded message played in the three-day Qatar Economic Forum Virtual. The six suggestions the Prime Minister put forward in the Forum include: Taking ambitious climate action to meet the goal of the Paris Agreement, leveraging science, technology, and innovation for closing the digital divide; and having targeted international support to revitalize global trade and export earnings. The suggestions also include contributing to the reintegration plan of migrant workers highlighted as vulnerable group by the host countries, business leaders and investors in the region should; ensuring new international support measures for the graduating LDCs to prevent any possible sliding back due to the pandemic; and having an inclusive, sustainable and holistic recovery plan for shared prosperity. Also read: Covid antibody higher among Dhaka slum dwellers: icddr,b In order to ensure sustainable and equitable order after the pandemic, there is a need for a whole-of-the-world approach now. Hasina said the Covid-19 pandemic has exposed the world to multiple setbacks and fragilities as it has already claimed millions of lives and battered the economies. "We need strong global cooperation to overcome this difficult time," she told the Forum themed ‘Reimagining the World’. She said the Qatar Economic Forum has provided the platform to identify opportunities, and share ideas and solutions to achieve that goal, and prepare for countering the future crises efficiently. Saying that the Covid-19 is a litmus test for global solidarity, Hasina said the 2030 Agenda, the Paris Agreement, and the Addis Ababa Action Agenda can be the blueprint to overcome this crisis. The Prime Minister said she firmly believed that the Covid-19 vaccines should be declared as global public goods.  "And the developing countries and LDCs that have the capacity should be given the necessary support to produce the vaccines." Also read: SDGs: PM says Bangladesh in top form for prudent planning She also said over the past few years, the world has been observing the rise of populism, anti-globalization sentiments and economic protectionism around the world.  "We’ve to stand together to strengthen multilateralism. As a precondition to expanding economic activities, we need to ensure peace and stability everywhere in the world." Talking about her own country, she said Bangladesh has achieved sustained growth of more than 6 percent over the past decade. The country received the final recommendation to graduate from the LDCs. While fighting the current pandemic, it has been trying to make a balance between lives and livelihoods, Hasina added. "Our government has so far announced various stimulus packages amounting to 15.1 billion US dollars. Despite the pandemic, our GDP growth reached 6.1 percent in 2020-2021, one of the highest in the world," she said. The Prime Minister said the Digital Bangladesh vision launched by the government 10 years back has helped the country adapt quickly with the new business and work environment triggered by Covid-19.

The Asia-Pacific region needs large, yet attainable, investments in resilience to protect development gains amid a fragile and inequitable post-COVID-19 economic recovery, says a report released on Tuesday.  The report was released by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in Bangkok.  Also Read: ADB forecasts developing Asian economies in recession The  Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies forecasts that, on average, developing Asia-Pacific economies are expected to grow by 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 marginalized in the post-pandemic recovery and transition period.  The Survey estimates that because of the pandemic, an additional 89 million people in the region could have been pushed back into extreme poverty in 2020 at the $1.90 per day threshold, erasing years of progress in poverty reduction.  Working-hour losses in 2020 equaled 140 million full-time jobs, while severe disruptions of economic activity and education are likely to have caused a significant setback to human capital accumulation and productivity in the region. For a more robust and inclusive recovery, the Survey calls for a more synchronized COVID-19 vaccination programme across countries and highlights opportunities to leverage regional cooperation.  At the same time, it recommends that fiscal and monetary support should be sustained, as premature tightening could increase long-term scars.  “COVID-19 is a shock like no other and it requires a response like no other,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP.  “The time is now for the Asia-Pacific region to seize this opportunity to speed up and make its transition towards more resilient, equitable, and green development the centerpiece of the post-pandemic economic recovery.” Looking beyond the pandemic, the Survey examines the broader risk landscape facing Asia-Pacific countries, including epidemics, natural disasters and financial crises.  It finds that adverse shocks, both economic and non-economic, result in permanent economic, social and environmental losses, and advises countries to take a more comprehensive approach to building resilience against future shocks.  Specifically, the Survey proposes a “build forward better” policy package for resilient post-COVID-19 economies that aims to ensure universal access to healthcare and social protection, close the digital divide and strengthen climate and clean energy actions.  It estimates that the package would reduce the number of people living in poverty in the region by almost 180 million people and cut carbon emissions by about 30 per cent in the long run. Notably, the package would result in a modest fiscal and debt burden if accompanied by bold policy actions, such as ending fossil fuel subsidies and introducing a carbon tax.  Among other potential financing solutions, the Survey also recommends debt swaps-for-development initiatives for countries with special needs and those with limited fiscal space.  It also calls for international assistance to least developed countries burdened with significant “resilience gaps.”  For his part, United Nations Secretary-General Antonio Guterres has recommended in a policy brief on Preventing Debt Crises In the Era of COVID-19 and Beyond: The Time to Act is Now, that countries address immediate liquidity constraints; debt overhangs and creating space for investment in crisis response, the Sustainable Development Goals and climate action; and reformation of the international debt architecture. In conclusion, the Survey recommends that countries in the region should respond aggressively to adverse shocks to minimize the reversal of hard-won development gains. Swift and robust policy responses are needed to safeguard sustainable development in crisis times, and risk management must become central to development planning and policymaking.    Produced annually since 1947, the Economic and Social Survey of Asia and the Pacific is the oldest United Nations report on the region’s progress.  The Survey provides analyses to guide policy discussion on the current and emerging socio-economic issues and policy challenges to support inclusive and sustainable development in the Asia-Pacific region.