While the Asia Pacific region accounts for around 36 per cent of global gross domestic product (GDP), 40 per cent of global economic losses from disasters will be in the region between 2015 and 2030, says the UN Economic and Social Commission for Asia and the Pacific.
It predicts the small island developing countries in the region to experience an average annual losses close to 4 per cent of their GDP while this for least developed countries to be 2.5 per cent of GDP.
The low- and lower middle-income countries in the region experienced almost 15 times more disaster deaths than the region’s high-income countries between 2000 and 2015, its Asia-Pacific Disaster Report 2017 said.
The report said that the region may be pushed back to poverty as disaster risk in the region is outpacing its resilience.
“The absence of an institutionalized insurance culture and adequate post disaster financing threaten our extraordinary economic and developmental achievements. Promoting more, and deeper, collaboration among countries in the region on disaster risk financing will be an ESCAP priority,” said Shamshad Akhtar, Executive Secretary of the UNESCAP.