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.

***

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