Thursday, September 13, 2012

Asia's Challenge: How to Be the Global Economic Growth Engine

  • While Asian economic growth is stronger than the rest of the world, the region must focus on how to remain the engine of global growth for the coming decades.
  • A key challenge for many Asian economies is how to address their ageing demographics, while not committing the same mistakes made by developed countries.
Tianjin, People’s Republic of China, 13 September 2012 – While the US economy remains weak and Europe struggles with its debt crisis, growth in Asia has been relatively robust, with fundamentals much stronger than when the region was hit by severe financial turmoil more than 15 years ago. “The challenge for the region is not to survive but rather to remain leading global growth,” Min Zhu, Deputy Managing Director of the International Monetary Fund (IMF), Washington DC, told participants in a session on Asia’s economic outlook on the final day of the World Economic Forum’s Annual Meeting of the New Champions. “Asia has to be the global growth engine for decades.”

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