Asia 2050: Realizing the Asian Century

"With more weight of the global economy shifting to Asia and the region′s rising global footprint, Asia′s economies must take on new obligations as responsible global citizens. As this book points out, it is in Asia′s self interest to preserve the Global Commons and, particularly, to take urgent action to mitigate climate change."
- Horst Koehler, Former President of the Federal Republic of Germany

"Asia 2050 presents a bold and enticing vision for the people of Asia―a vision that is achievable through determined action by Asia′s leaders on the national front, in promoting cooperation across the region, and in taking ownership of the global agenda. It is a remarkably balanced discussion of the challenges and the opportunities that lie ahead."
- Hiroshi Watanabe, President and CEO, Japan Bank for International Cooperation

"Achieving potentially historic transformation in a region that encompasses half the humanity will be of immense interest to political, economic and business leaders around the globe. The book presents a compelling agenda for unlocking Asia′s undeniable potential."
- Christine Lagarde, Former Minister for Economy, Finance and Industry, France;
and incoming Managing Director, IMF

"This book suggests that Asia can aim at achieving today′s European levels of prosperity in four decades. But it also warns that we could miss the objective if Asia′s emerging economies get caught in the middle income trap. Asian policy makers are well advised to ponder this challenge. Asia 2050 will help them do so."
- Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, India

"Asia′s rise to preeminence makes a fascinating story. The book is a timely reminder that sustained growth will require countries to harness the full potential of technological change, innovation and entrepreneurship. Otherwise, countries could find themselves in a middle income trap where productivity and growth could stagnate for extended periods. The book identifies a wide range of wise and pragmatic policy and institutional interventions that must be made early on to avoid the middle income trap."
- Yoon Jeung-hyun, Minister of Strategy and Finance, Republic of Korea

"This book lays out a bold and ambitious agenda―national, regional and global―to lift an additional 3 billion Asians to affluence by 2050. As a long-standing friend of the region, I wish Asia′s leaders great success in realizing this goal of the Asian Century. The book also highlights the critical role that Asia must play in global governance―as amply demonstrated by the ongoing discussions of the reform of the international monetary system."
- Michel Camdessus, Chairman, Emerging Markets Forum and Former Managing Director, IMF

"The book persuasively articulates the agenda to put Asia on a longer-term sustained growth trajectory. The book is being released at a time when Asia′s economic resilience is attracting global attention. In the wake of recent global crisis, Asia has demonstrated the strength of their economies and heightened the aspirations of the Asians. This context makes the book a must read for economic and political leaders interested in long-term social and economic development of Asia."
-Abul Maal Abdul Muhith, Minister of Finance, Bangladesh

"In recent years, as the Asian economies are maintaining sustainable development with growing international influence, all eyes are increasingly on the future of Asia. The Study: Asia 2050―Realizing the Asian Century has mapped out a bright blueprint for it in the next four decades with a comprehensive analysis on the opportunities and challenges to be faced. The Study also puts forward some valuable policy notes which deserve our attention and contemplation.
In order to realize the goal of Asian Century as described in the Study, Asian countries should strengthen communication and coordination of their macroeconomic policies, grasp development opportunities and meet various challenges together, promote regional economic and social development and be actively engaged in reforming global economic governance to enhance the influence of Asia as a whole, and eventually make contributions to the development and prosperity of the global economy and society."
- Li Yong, Vice Minister of Finance, PRC

Asia is in the midst of a truly historic transformation. If it continues to grow on its recent trajectory, it could, by 2050, account for more than half of global GDP, trade and investment, and enjoy widespread affluence. Its per capita income could rise sixfold. It thus holds the promise of making some 4 billion Asians, hitherto commonly associated with poverty and deprivation, affluent by today′s standards.

This study, Asia 2050: Realizing the Asian Century, is aimed at key opinion makers to foster debate on a vision of and strategy for Asia′s potentially historic rise among the global community of nations between now and 2050. It offers a long-term perspective of the Asia region as a whole as opposed to the more common approach that delivers a short- to medium-term perspective of selected countries, subregions or issues.

Ashok Sharma is the Senior Director of Asian Development Bank’s Office of Regional Economic Integration. He is the chair of the community of practice for regional cooperation and co-chairs the community of practice for finance of ADB. He also served as Senior Advisor of the South Asia Department of ADB and Director of Financial Sector, Public Management and Trade Division of South Asia Department. He has worked extensively on project and knowledge products on financial sector development, fiscal and governance reforms, infrastructure financing, and enabling public-private partnerships. He is the co-editor of “A Resilient Asia Amidst Global financial Crisis” (2010).