Decades of rapid economic growth, facilitated by globalization and technology, came at a cost - rising inequalities and environmental degradation. Owing to skills mismatches and lack of social protection, many were left behind in the creative destruction of jobs. While many have been lifted out of extreme poverty, the majority of the region's population are not yet "middle class" but could rather be classified as "transitional class" that is vulnerable to falling back into poverty (ESCAP, 2016c).