India, July 1 -- Developing countries globally now face an annual shortfall of between US$2.5 trillion and US$4 trillion to meet the Sustainable Development Goals. Without major improvements in the way development is financed, many countries in the region risk falling further behind.
The sixth edition ofESCAP's Financing for Developmentreport points to longstanding weaknesses in public finance and private investment systems. Many governments in the region continue to face difficulties in raising domestic revenues at the scale needed. Tax structures remain inefficient, and opportunities to tap into wealth and real estate are often underused. At the same time, capital markets are underdeveloped, and private financing rarely reaches high-impa...