Adopting sustainable procurement is a $13 trillion opportunity for Asia and the Pacific to achieve its economic and social goals. This will take leadership from governments and development organizations, including multilateral development banks.
Bangladesh has made dramatic strides in reducing the deaths and economic impact of climate-related weather events. Public financial management has played a role in these achievements, offering important insights for other countries.
Traditional cost-benefit analysis tends to undervalue long-term investments, especially in natural capital. Discount rates often overlook impacts beyond 20 years. To rectify this, we need policies that prioritize long-term sustainability.
Hong Kong, China’s tax system and prudent approach to fiscal policy are two pillars of its success. Despite this, aging and climate change will require tax reforms to ensure fiscal sustainability and competitiveness.
Milan Thomas, an ADB economist who specializes in social sector impact evaluation, and Yangchen C. Rinzin, a research fellow at the Centre for Bhutan and Gross National Happiness Studies, answer questions about the use of Bhutan’s Gross National Happiness index.
Governments in Asia will need to walk a fine line between securing adequate revenues, supporting displaced workers, and promoting growth and investment, in response to tax challenges posed by rapid robot deployment.
Asian countries should implement reforms now, while their debt is sustainable, in order to head off a debt crisis.
The tax administration of the future will be digitized and use new technologies which revolutionize tax processes, enhancing speed and accuracy.
Promoting inclusive, resilient, and sustainable development in fragile and conflict-affected states is needed to improve living standards, promote good governance and strengthen institutions.
Extending a value added tax (VAT) to more effectively capture e-commerce and digital services could yield significant short-term revenue and help ensure a level playing field between domestic and foreign players.