The Economic and Social Survey of Asia and the Pacific 2018, the latest flagship publication of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) analyzed questions in relation to sustainable development and challenges in Asia and the Pacific. 

 Asia and the Pacific is still a driving force of the global economy that promote  trade, investment and jobs. The challenge that the region is facing is how to ensure the economic growth of this region to be sustainable, robust and mobilized, to ensure financing for development and also to accelerate progress in achieving the UN SDGs. 

Recent figures indicate the growing dynamism across this region, which is result from the recovering investment and trade, and robust domestic consumption. However, risks and challenges remain. The main concerns include the rising private and corporate debt, particularly in South-East Asia and China, declining and low foreign exchange reserves in some South Asian countries, and trends in oil prices. Some of these challenges can be attributed to the background of looming trade protectionism. 

The key question for this region is how to use economic growth to improve and facilitate long-term prospects of economies and how to mobilize finance for development, as well as how the WTO membership can help them to resolve issues about international trade. 

 The economic and financial stability, as well as liberal access to international markets are keys for achieving the 2030 Agenda. The investment requirements to make economies resilient, inclusive and sustainable are sizable. In this region, investment requirements are substantial but so are potential resources. Thus, how to effectively channeling these resource to finance sustainable development is critical for the region. This requires supplementary financial resources. Public finances are usually supported by the tax base and tax administration, but this has created many problems in relation to sustainable development. 

The lack of regulatory framework and enabling policies and large informal sectors have hindered sustainability and appropriate financing. The external assistance with which some countries can benefit is insufficient, and capital markets and bond markets in many countries are still underdeveloped. 

The ESCAP's survey calls for stronger political will and governments to strengthen tax administrations and broaden the tax base. To expanding the tax base, governments could rationalize tax incentives for FDI and introducing a carbon tax, which could generate additional tax revenue. Apart from government actions, there are things that the private sector can do to effectively pursue sustainable development, e.g. policies to encourage private investment by institutional investors in long-term projects, structural reforms to facilitate public-private partnerships, developing enabling policy to stable macroeconomic conditions. Responsive legal and regulatory frameworks are also important. It seems that the role of external sources of finance remain vital for many least developed countries. 

 At the regional level, the coordinated policy actions are also very important to reduce tax incentives for FDI and introduce a carbon tax. The engagement of ESCAP and its analysis can help to sport the planning and cooperation that are necessary to effectively mobilize finance for sustainable economic growth.