New Delhi:
NEW DELHI: An additional 3 billion Asians could enjoy higher living standards, but only if Asia sustains its present growth momentum and addresses the challenges and risks facing the region, the Asian Development Bank (ADB) said in a new report on Wednesday.
The draft report says that as the global economy's center of gravity shifts toward Asia, the region could account for about half of global output in 2050, up from the current 27%, as well as half of global trade and investment.
The draft report compares the potential outcomes for Asia under two competing scenarios: the Asian Century and the Middle Income Trap. In the more optimistic Asian Century scenario, the region's gross domestic product (GDP) is likely to soar to $148 trillion and account for 51% of global output in 2050. On a purchasing power parity basis, GDP per capita in Asia would rise to $38,600, compared with the projected 2050 global average of $36,600.
While developing Asia has made significant strides in tackling income poverty, non-income poverty still remains rampant. Half of all Asians live without basic sanitation while 900 million people in the region have no access to electricity.
The draft report highlights the challenges and risks facing Asia achieving its development potential by the middle of this century .
China and India are significant contributors to global and regional growth and it is essential for the major economies in the region to sustain their growth momentum to lift standard of living, analysts say.