Indeed, labour’s share of output has declined in recent years for the region as a whole, and this situation has contributed to rising levels of inequality - of incomes and opportunities - that had taken place in the region since the 1990s, and has suppressed aggregate demand. Moreover, in many economies in the region, rising levels of debt have been supporting aggregate demand. Clearly, economic growth supported by sustained increases in real wages would be better than accumulation of private debt, as the latter tends to aggravate inequalities and often leads to severe economic instability with attendant consequences. Indeed, with the global financial and economic crisis of 2008 highlighting the Asia-Pacific region’s vulnerability to external shocks due to its excessive reliance on exports, policymakers should view the overhang of the crisis as an opportune impetus for making a catalytic shift to such a development model - one that is intrinsically more stable and more sustainable.