India, 6 other nations key to Asia?s rise

Seven economies are the potential drivers of Asia?s rise over the next 40 years into a powerhouse that accounts for just over half of global output, the Asian Development Bank said in a report released on Wednesday.

Written by Agencies

May 5, 2011 01:49 IST

In the report on Asia in 2050, the ADB said the dominant economies needed to avoid falling into the middle-income trap that has seen the development of other emerging markets stall.

?Asia?s rise will be led by China, India, Indonesia, Japan, (South) Korea, Malaysia, and Thailand,? the ADB said.

The seven economies had a combined GDP of $14.2 trillion in 2010, 87% of Asian GDP, and a total population of 3.1 billion, or 78% of Asia?s people. The study found by 2050, the seven could account for 90% of Asian GDP ? and 45% of global output ? even as their share of Asia?s population falls to 73%. Average per capita income across the seven countries would be 25% higher than the global average.

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