ADB President Reflects on Lessons from Asia’s Development

By Samantha Prior

Asia has been a key driver of global economic growth in the 21st century, and will remain a key theatre for development in the coming decades as one of the fastest developing regions in the world. Economies in the region grew at a rate of 6.1% in 2013 and 2014, and growth is forecasted to increase to 6.2% for 2015. However, poverty levels remain troubling, with nearly one-third of the population of Asia living on less than $1.51 per day in 2010.

ADB Headquarters in Manila

ADB Headquarters in Manila. Photo available under the public domain.

The President of the Asian Development Bank (ADB), Takehiko Nakao, recently put out his “Eight Key Actions for Economic Development in Asia”. Citing Asia’s “remarkable progress in development and poverty reduction,” Nakao seeks to explain why some Asian countries have developed more rapidly than others. He outlined eight key action areas that lead to success:  infrastructure, human capital, macro-economy, investment and trade, governance, equality, vision for the future, and security and stability.  While all eight categories of action are crucial for development, four of Nakao’s points should be highlighted: Continue reading

Weekly Round-up

This week in development…

  • Former Treasury Secretary Henry Paulson announced the launch of a program that will seek “practical and pragmatic solutions to the problems of air pollution and climate change,” in China.  Paulson met with Chinese President Xi Jinping earlier this summer, and has framed the initiative as holding relevance for China, the United States, and the world.  There is a huge upside to projects focused on climate changeinChina- the Middle Kingdom is the world’s largest polluter, but also the largest investor in green energy.
    Yangtze factory

    A factory along China’s Yangtze River

  • To mark this year’s Work Water Week, PepsiCo, in partnership with the Inter-American Development Bank, revealed a new data management and modeling tool called Hydro-BID. The new tool will estimate the availability of freshwater in water-scarce regions throughout Latin America and the Caribbean.

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