Asia must take bold action to realise full potential – ‘Asia 2050’ book

Wednesday, 3 August 2011 01:08 - - {{hitsCtrl.values.hits}}

TOKYO, JAPAN: Asia’s leaders must take bold, innovative action to sustain rapid growth and tackle growing inequalities, as well as address environmental challenges and the rising tide of urbanisation if the region is to reach its full potential by the middle of this century, says a new book commissioned by the Asian Development Bank (ADB).

‘Asia 2050 – Realising the Asian Century’ challenges the perception that Asia’s rapid rise is inevitable. It urges leaders from the region, which is home to over half of the world’s population, to confront a number of longer-term challenges if Asians are to take their place among the ranks of the affluent in Europe and North America. The study contends that Asia’s continued rise is plausible, but by no means pre-ordained.

The book warns that fast-growing economies like the People’s Republic of China, India, Viet Nam, and Indonesia could fall victim to the “middle-income trap”.

“Prosperity is earned. Asia has indeed done well over the past 40 years. Let us work together to ensure we stay on the path over the next 40 years,” said ADB President Haruhiko Kuroda in launching the book at a seminar in Tokyo organised by the Emerging Market Forum and hosted by the Japan Bank for International Cooperation (JBIC).

Kuroda stressed that regional cooperation and integration are central to Asian prosperity. Greater cooperation can help protect hard-won economic gains from external shocks and strengthen its voice in an ever evolving global system.

Improving governance and strengthening institutional architecture, which are Achilles heels for development, must also be high on the policy agenda.