Behind ADB forecast for Asia, a warning
ADB economist Jayant Menon says the region should weather a Western economic storm, but its recovery will be slower and escaping the ‘middle income trap’ more difficult.
Here's the good news. By 2050, Asia could account for more than 50% of the world economy, with regional GDP around $174 trillion. This is not just in gross GDP terms but should also include a substantial rise in per capita incomes, reaching $40,800 on average. In other words, there will be no more poor countries in Asia, bar one or two isolated losers such as North Korea.
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