This report outlines economic prospects in developing Asia amid
global turbulence and lingering pandemic risks. It discusses the
implications of school closures and the invasion of Ukraine, and
explores mobilizing taxes for development. Developing Asia's
outlook remains positive, with growth of 5.2% expected in 2022 and
5.3% in 2023. Downside risks include spillover from geopolitical
tensions, such as via higher-than-expected commodity prices. The
Russian invasion of Ukraine has upended the global economic outlook
and greatly amplified uncertainty for a world economy still
contending with COVID-19. Aggressive monetary policy tightening in
the United States could lead to financial instability. In the
medium term, scarring from the pandemic poses significant risks,
including learning losses from continued school closures that could
worsen economic inequality. The region's economies urgently need to
mobilize fiscal resources to restore the health of public finances
and build a more inclusive and sustainable future. Opportunities to
strengthen revenue will depend on specific circumstances, but more
efficient value-added tax and better-optimized tax incentives hold
promise for many economies. Strengthening personal income and
property taxes can raise additional revenue and make tax systems
more progressive. Significant opportunities exist to expand the use
of tax and other fiscal instruments to tackle environmental and
health priorities while raising revenue.
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