Economic Outlook for Southeast Asia, China and India 2024
Developing amid Disaster Risks
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, a thematic chapter addressing a major issue facing the region, and a series of country notes.
The 2024 edition discusses the region’s macroeconomic challenges such as external headwinds, impacts of El Niño and elevated levels of private debt. The thematic chapter focuses on strategies to cope with more frequent disasters. Emerging Asia is among the world’s most disaster-prone regions, and the threat of disasters, such as floods, storms, earthquakes and droughts, is increasing. The report explores how countries can reduce disaster risks and improve resilience by developing a comprehensive approach involving policy measures such as improving governance and institutional capacity, ensuring adequate budgets and broadening financing options, strengthening disaster-related education, improving land planning, investing in disaster-resilient infrastructure and disaster-related technology, improving health responses, and facilitating the role of the private sector.
Philippines
The Philippines is one of the most disaster-prone countries in the world. It ranked as the country facing the highest disaster risk according to the WorldRiskIndex 2023. The country’s high exposure to both geophysical and hydrometeorological hazards is to a large extent a consequence of its location in one of the most tectonically active regions along the Pacific Ring of Fire and on the Pacific typhoon belt. The Philippines is exposed to typhoons, floods, earthquakes, volcanic eruptions, landslides, fires and drought, which lead to significant social, economic and environmental costs. Between 2000 and 2022, 361 disasters triggered by natural hazards led to almost 27 000 deaths, affected over 181 million people and caused nearly USD 24 billion in economic losses. Storms (51%), floods (29%), earthquakes (7%), landslides (4%), and volcanic eruptions (4%) comprise the majority of disaster events (CRED, 2024[1]).