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Toward Better Fiscal Governance in Asia and the Pacific

ADB 2020.06.24
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Public finance plays an important role in the social and economic development of developed and emerging countries. The role of public finance has been gradually expanding from a means of conventional macroeconomic policy to a last-resort policy tool to overcome economic crises, such as the global financial crisis in 2010 and the recent crisis induced by the coronavirus disease (COVID-19) pandemic, and to address the needs to cope with new challenges such as demographic transitions and climate change. Developing countries in Asia and the Pacific, in particular, have become more dependent on public finance due to their huge investment needs for health, pensions, education, infrastructure, and energy for sustainable development.

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