Governments throughout the region should pay more attention to strengthening public infrastructure, which will improve their economies’ capacity to grow more quickly and inclusively. Building human ...
capital requires upgraded public physical infrastructure to improve connectivity, efficient spending on health care and education, and better-targeted social protection programs. To ensure adequate financing for infrastructure priorities, governments need to allocate their budgets more efficiently, which will entail minimizing inefficient subsidies, especially those that encourage wasteful fuel consumption, and redirecting these funds to more productive public investments. In tandem, revenues must be mobilized more effectively to maintain a healthy fiscal balance and avert the buildup of public debt. As income tax typically contributes very little to government revenues in Asia, broadening the tax base is an urgent task for many countries in developing Asia, to effectively enlarge government’s capacity to generate future revenues (Figure 1.4.5).
--- OECD = Organisation for Economic Co-operation and Development.
* Data are for 2010.
** Data are for 2009.
*** Data are for 2008.
--- Source: Asian Development Outlook database.
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