Asian giants must unite to overcome economic issues—ADB

By Alexander Villafania

PASAY CITY, METRO MANILA—The three major regions of Southeast Asia, China, and India, must work together for Asia to overcome economic challenges, according to a top executive from the Asian Development Bank (ADB).

“The People’s Republic of China, could reach high-income country status, while the Associated of Southeast Asian Nations as a whole and India would be close behind. If such goals are achieved, the three regions could become the world’s leading consumers, producers, savers, investors, and financiers,” according to ADB President Haruhiko Kuroda during the launch of an ADB study.

The book entitled “ASEAN, the PRC, and India: The Great Transformation” stressed that each of the three major economies will be facing economic, political, and ecological challenges unless they can work together.

Each region must focus on solving their concerns, such as poverty, governance, and infrastructure issues, according to the ADB study launched during the 45th ADB Annual Governors’ Meeting.

The three economies will have to be increasingly reliant on their own capabilities as well as assistance from regional markets in the form of investments, for example, to generate sustained inclusive growth.

Inclusive growth refers to a country’s ability to improve all aspects of its administration. Without it, problems related to widening income and social inequality could continue, which will also affect proper social stability, said Kuroda.

Challenges regarding availability of water to people, reduction of carbon emissions, and dwindling energy sources could also worsen global environmental risks and trigger tensions among economies.

ADB executives and economic leaders who attended this year’s Governors’ Meet said that economic growth should include improving governance, accountability, institutional effectiveness, and eradicating corruption.

***

loQal.ph (http://loqal.ph/) is a website owned and operated by Filquest Media Concepts, Inc. It works under the principle of giving voice to the voiceless, empowering Filipinos and uplifting the image of the Philippines by highlighting its unique culture. To do this, the loQal.ph team produces stories, video, photos and other multimedia content types to inspire and celebrate Filipino achievements, ideas, products and places.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

POLL
Loading...
Poll Choice Options