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“Regional perspectives on the global economic and financial crisis, including the impact on global public health”

“Regional perspectives on the global economic and financial crisis, including the impact on global public health” High-level dialogue of Executive Secretaries with ECOSOC Geneva, 10 July 2009 Dr. Noeleen Heyzer Executive Secretary Economic and Social Commission for Asia and the Pacific .

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“Regional perspectives on the global economic and financial crisis, including the impact on global public health”

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  1. “Regional perspectives on the global economic and financial crisis, including the impact on global public health” High-level dialogue of Executive Secretaries with ECOSOC Geneva, 10 July 2009 Dr. Noeleen Heyzer Executive Secretary Economic and Social Commission for Asia and the Pacific

  2. Declining growth but ESCAP as locus of global growth in 2009

  3. ESCAP as most trade- dependent region of the world is hit hard by crisis Total trade as a percentage of GDP (constant 2000 prices)

  4. Rising protectionism • Growing pressure not only in developed, but increasingly in A-P developing economies, to protect jobs through “buy/source local” conditionalities in fiscal stimulus packages • Worsening BoP for many as exports continue to plummet • Import restrictions, particularly contingent restrictions being used for temporary relief

  5. Fiscal policy: Key policy tool to recovery and realignment of development path

  6. Resilience: larger shares of domestic demand for some economies, with larger economies having a distinct advantage • Domestic demand will need to play a supportive role in the face of declining growth

  7. Unemployment rising, exacerbating income insecurity • Up to 24.8 million people could lose their jobs • Only 30% of our elderly receive pensions • Only 20% of the region’s people have access to health-care coverage

  8. Progress on health under threat • A-P has highest out-of- pocket expenditures on health and lowest public spending on health • Health risks increasing due to growing inequality characteristic of past expansionary period, and present income insecurity • Lack of health focus in fiscal stimulus plans and increased debt threatens future health spending • Maternal, infant and child mortality most in danger

  9. Crisis to opportunity in health policy Short to Medium term measures: • Exogenous health shocks (e.g. H1N1) and their explicit and implicit costs need to be factored into public spending outlays • Stimulus packages should prioritize health and the social sector • Tension between short term macroeconomic stabilization objectives and investments with long term returns (typically investments in human capital) • Crisis provides impetus to reform health spending • Maintain resources for Financing for Development

  10. Crisis to opportunity in health policy Longer term measures: • Ensure policy coherence in all sectors impacting health • Integrated economic and social policy framework • Need to build social foundation for sustainable economic development

  11. Thank you

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