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This annual publication compiles comparable tax revenue statistics for Australia, Bangladesh, Bhutan, Cambodia, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Kazakhstan, Korea, Kyrgyzstan, Lao People’s Democratic Republic, Malaysia, Maldives, Mongolia, Nauru, New Zealand, Pakistan, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam. It also provides information on non-tax revenues for selected economies. Based on the OECD Global Revenue Statistics database, the publication applies the OECD methodology to Asian and Pacific economies to enable comparison of tax levels and tax structures on a consistent basis, both among the economies of the region and with other economies worldwide. This edition includes a special feature on strengthening tax revenues in developing Asia. The publication is jointly produced by the OECD’s Centre for Tax Policy and Administration and the OECD Development Centre, in co-operation with the Asian Development Bank, the Pacific Island Tax Administrators Association and the Pacific Community.

The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises two main parts. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of special thematic chapters addressing a major issue facing the region. The 2022 edition addresses financing sustainable recovery from the COVID-19 pandemic. The COVID-19 pandemic is proving to be extremely costly, both economically and socially and sustainable financing solutions are crucial for an equitable and inclusive recovery. The report explores how governments can obtain additional financing by harnessing bond markets, and use green, social and sustainability bonds to achieve policy objectives.

With only a decade left to reduce emissions drastically, the scale, pace and extent of global transformation needed is truly demanding. Long-term emission goals and the nature of the low-emission transition in each country will be a function of its unique socio-economic priorities, capabilities, resource endowment, vision for post 2050 economic structure, and social and political acceptability of what constitutes a just transition. As we enter the 'decade for delivery', a whole of economy approach is needed to realise the low-emission transition. This includes focusing not only on upscaling zero and near-zero emitting technologies and businesses but also supporting, to the extent possible, the progressive lowering of emissions in high emitting and hard to abate sectors. In this context, 'transition finance' is gaining traction among governments and market participants. To identify the core features of transition finance, this paper reviews 12 transition relevant taxonomies, guidance and principles by public (Japan, Singapore, Malaysia, Russia, European Union, EBRD) and private actors (Climate Bonds Initiative, International Capital Markets Association, Research Institute for Environmental Finance Japan, AXA Investment Managers and DBS), as well as 39 transition relevant financial instruments (vanilla transition bonds, key performance indicator-linked fixed income securities). This paper does not aim to define transition finance, but rather to review emerging approaches and instruments to highlight commonalities, divergences as well as issues to consider for coherent market development and progress towards global environmental objectives. Based on the review, this paper puts forth two preliminary views. First, that the essence of transition finance is triggering entity-wide change to reduce exposure to transition risk; second, that transition finance may be better understood as capital market instruments with a set of core functions/attributes rather than a specific format or label.

Many Emerging Asian countries have been refining macroprudential policies, particularly since the Global Financial Crisis. For instance, they have developed policies targeting housing markets and broadly transposed the Basel III requirements into their national legislation. In the wake of the COVID-19 pandemic, policy makers now need to identify emerging vulnerabilities and their associated financial stability risks and respond with the appropriate macroprudential tools. This publication provides a detailed overview of the current macroprudential policy situation in Emerging Asian countries and explores how the macroprudential policy toolkit has evolved. The report discusses some of the most pressing challenges to financial stability, including the interaction of macroprudential policy with other policies. It also devotes special attention to macroprudential policies for emerging priorities, such as achieving green goals and updating regulatory frameworks to reflect ongoing Fintech developments. Climate change will indeed create new challenges in financial markets, while Fintech developments bring about many economic opportunities and deepen financial systems, but present a variety of novel risks requiring rapid policy responses.

Skills are central to the capacity of countries and people to thrive in a rapidly changing world. Recovering from the COVID-19 pandemic will require countries to co-ordinate interventions to help recent graduates find jobs, reactivate the skills of displaced workers and use skills effectively in workplaces. Megatrends such as globalisation, climate change, technological progress and demographic change will continue to reshape work and society. Countries should take action now to develop and use more effectively the skills required for the world of the future and at the same time make their skills systems more resilient and adaptable in the context of change and uncertainty. The OECD Skills Strategy provides countries with a strategic approach to assess their skills challenges and opportunities. The foundation of this approach is the OECD Skills Strategy framework allowing countries to explore how they can improve i) developing relevant skills, ii) using skills effectively, and iii) strengthening the governance of the skills system. This report applies the OECD Skills Strategy framework to Southeast Asia, providing an overview of the region’s skills challenges and opportunities in the context of COVID-19 and megatrends, and identifying good practices for improving skills outcomes. This report lays the foundation for a more fully elaborated Skills Strategy for Southeast Asia.