By 2020 we envision a dramatically
transformed Asia. It will have conquered
widespread absolute poverty in most countries, with more than 90% of its people
living in “middle-income” countries. In a dramatic turnaround from 1980 its
average income per capita (in PPP terms) will be comparable to Latin America’s (if still a fraction of North
America’s and Europe’s). Its
share of global GDP will approach 45%, and its share of world trade, 35%. Even
though in “capital surplus,” the region will remain a magnet for private capital
flows. And it will become a major factor in global issues. Tempering this
overall positive picture is that some of the fastest growing countries will
still have large numbers of poor people. Asia
will continue to have many low-income or fragile economies with large
development challenges. They will continue to require support from donors. The
Asian Development Bank (ADB) is privileged to serve Asia,
the world’s most populous and fastest growing region—a region rapidly emerging
from widespread poverty. Asia appears poised
to complete its transformation to the next stage of development. In this transformed
Asia, the traditional model of development
banking— transferring outside official capital—will become redundant.
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