TOKYO — Asia could be as wealthy as Europe by mid-century, but only if it tackles key challenges from inequality and corruption to climate change, an Asian Development Bank (ADB) study said.
On current trends, Asia will make up half the world’s economic output by 2050, and another three billion people will have joined the ranks of the affluent, their incomes matching those of Europe today, states the report that was released yesterday.
But the ADB study also pointed to a paradox — the fact that the world’s fastest-growing region, dubbed “Factory Asia”, is still home to almost half the world’s absolute poor, who earn less than $1.25 a day.
Asia’s decades-long march to prosperity, the study said, is being led by seven economies with more than three billion people between them — China, India, Indonesia, Japan, South Korea, Thailand and Malaysia.
Under the best-case scenario, Asia’s combined GDP — also including poorer nations such as Laos and Pakistan — will rise from $17 trillion last year to $174 trillion in 2050, with per capita GDP of $40,800 in current terms.
But in order for Asia’s rise to be sustainable, the study warns, the diverse region must emulate the past successes of top performers Japan, South Korea and Singapore by promoting inclusive and equitable growth.
“Asia is in the midst of a historic transformation,” said the report, “Asia 2050: Realizing the Asian Century”, commissioned by the Manila-based ADB and launched by its president Haruhiko Kuroda in Tokyo.
However, the study warned that Asia’s rise is by no means inevitable.
“Many see the ascendancy of Asia — or ‘the Asian Century’ — as being on autopilot, with the region gliding smoothly to its rightful place in destiny,” wrote Mr. Kuroda in a foreword to the report.
“But complacency would be a mistake. While an Asian century is certainly plausible, it is not preordained.” — AFP
- Asean unions relaunch online complaints mechanism for migrant workers
- Asean official meets ATUC, receives ATUC Bali Declaration
- ATUC leaders meet in Bali, adopt Declaration on key concerns of labour in Asean
- ATUC youth joins conference on reducing youth unemployment and the future of work
- Making women in leadership a norm
What They Say About Us
- Working through the ASEAN Trade Union Council (ATUC), a number of labor groups from Southeast Asia have proposed the ASEAN Social Charter, which they see …
- Labour rights do not feature prominently on ASEAN’s agenda, but the ASEAN Trade Union Council (ATUC) is pushing for a social charter and a framework for the protection of migrant workers.
- ASEAN22 : The ASEAN Social Charter was designed by the ASEAN Trade Union Council (ATUC) and labour-friendly NGOs as a social counterpart to ASEAN’s economic
c/o Trade Union Congress of the Philippines
No. 2 Kalaw-Ledesma Circle, Tierra Verde 2, Tandang Sora, Quezon City 1116