‘Green growth’ can generate 30-M jobs amid pandemic–adb
SHORING up government revenues is essential to create green growth opportunities that could pave the way for a strong and sustainable recovery, according to the Asian Development Bank (ADB).
In his opening remarks at the second Southeast Asia Development Symposium, ADB President Masatsugu Asakawa said green growth could generate around 30 million new jobs crucial in the region’s recovery.
Asakawa said domestic funds are crucial in the recovery. During the pre-pandemic period, the average tax yield of most Southeast Asian countries was far below the 15 percent of GDP threshold needed for sustainable development.
“In addition to collaboration, knowledge, and innovation, governments need reliable streams of revenue. This is a sobering reality,” Asakawa said.
“With long-term interest rates rising in the US, this may put further pressure on many ADB developing member-countries in terms of macroeconomic management and fiscal policy,” he added.
Asakawa said countries in Southeast Asia allocated over $420 billion for their respective Covid-19 response. However, due to the recession, government revenues suffered significant reduction.
However, he said, ADB continued to help governments such as through the Asean Catalytic Green Finance Facility. The fund can be accessed to finance sovereign green infrastructure projects on sustainable transport, clean energy, and resilient water systems.
Apart from boosting revenues and obtaining financing from new facilities, Asakawa said there is a need for governments to maximize their use of big data to recover from the recession in a sustainable manner.
Big data refers to the science of using artificial intelligence, such as machine learning, to analyze large amounts of data for insights beyond what is captured in standard databases.
Asakawa said big data can be used to transform key government sectors such as health care, social protection, and education, allowing for more effective service delivery.
“Governments and the private sector can also leverage big data for better supply chain management across Southeast Asia,” Asakawa said.
The symposium, “Innovation through Collaboration: Planning for Inclusive Post-covid-19 Recovery,” is being held virtually on March 17 and 18.
The event will explore how Southeast Asian nations can improve access to vaccines, revitalize businesses, create jobs, and harness big data and new technology to support growth.
The two-day event is bringing together more than 3,400 highlevel government officials, private sector representatives, and other stakeholders from more than 100 countries.