Wednesday, May 02, 2012

India, China and ASEAN to surpass combined wealth of West by 2030
The combined national wealth of India, China and ASEAN could exceed that of the US and European countries put together in the next 18 years, the Asian Development Bank said today.
"These three region and countries (India, China and ASEAN) are on a path to significantly improve the quality of life of their citizens--in aggregate approaching half of the world's population by 2030," ADB President Haruhiko Kuroda said here.
ASEAN is a grouping of 10 nations including Thailand, Indonesia and Vietnam.
Speaking at the 45th Annual Meeting of ADB's Board of Governors, Kuroda said the bank forecasts a "healthy GDP of 6.9 per cent for developing Asia and the Pacific in the 2012" and growth is expected to climb to 7.3 per cent in 2013.
According to a book released today, national wealth in in the Association of Southeast Asian Nations (ASEAN), China and India could exceed that of the US and Europe combined by 2030, provided steps are taken now to overcome challenges and reduce risks.
The book was launched by ADB and Asian Development Bank Institute (ADBI).
"By that time (2030), PRC could reach high-income country status, while ASEAN as a whole and India would be close behind. The three could be home to the world's leading consumers, producers, savers, investors and financiers," Kuroda said.
Indian Finance Minister Pranab Mukherjee would be travelling to Manila tomorrow to attend the ADB meeting, which would discuss various issues including the global economic scenario.
Meanwhile, Kuroda noted that Asia and Pacific region would maintain its growth momentum despite issues elsewhere in the world and emphasised the need to make growth in the region more inclusive.
However, he cautioned that "the very drivers of Asia's economic success - new technology, globalisation and market-oriented reforms - have also served to create and increase disparities within and among Asian economies".
The ADB chief suggested steps such as investments in education and infrastructure.
On the proposed BRIC Development Bank, Kuroda said that ADB would welcome another regional development bank as the financial needs of developing countries is "so huge".

Courtesy: Economic Times
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