A new book commissioned by the Asian Development Bank says Asian leaders must take bold action to sustain rapid growth if the region is to reach its full potential by the middle of the century.
The book contends that Asia’s continued rise is very possible but not certain. The authors warn that fast-growing economies like China, India, Vietnam and Indonesia could fall victim to the so-called “middle-income trap” in which growth rates slow and incomes stagnate.
ADB President Haruhiko Kuroda told participants at a seminar in Tokyo Tuesday that regional cooperation and integration are central to Asian prosperity. He said Asia must be a “responsible global citizen” as it becomes an economic powerhouse, especially concerning the environment.
Kuroda said competition for the world’s finite resources will become increasingly intense as Asia becomes more affluent. He said the region must take “radical steps” towards investing in innovation and clean technology.