Asia is in the middle of a historic transformation and it has inherent possibilities and latent prospects and can pursue a more proactive role in the global economy, according to a senior South Asian politician.
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| Asad Umar, Senior Vice President |
Asad Umar, Senior Vice President of Pakistan's Tehreek-e-insaaf in his keynote speech at the inauguration of the CIMA Business Leaders' Summit on 'Leveraging the Power of Asia' on Monday noted that Asia's time has come in terms of opportunities and untapped potential.
He said that while China is the most obvious power on the rise, it is not alone: India and other Asian states now boast growth rates that could outstrip those of the West for decades to come.
Studies show that China's economy is growing at more than nine per cent annually, India's at eight per cent, and the Southeast Asian "Tigers" have recovered from the 1997 financial crisis and continue their march forward
Out of the total world trade of S $ 39.87 billion, Mr. Asad said, Asia's contribution was over US $13.2billion - 33 per cent of the total global trade and rising. China's economy is expected to be double the size of Germany's by 2010 and to overtake Japan's, currently the world's second largest, by 2020.
Studies show that China's output today roughly equals that of Europe or North America and might be 50 per cent larger than theirs by 2020 in terms of the purchasing power parity (PPP). In 2012 out of the 7.0164 billion people in the world, 4.2 billion people reside in Asia with a large and rapidly growing middle class.
"With a 60 per cent population base, Asia's contribution to the total GDP stands at 29 per cent and growing rapidly," Mr. Asad noted, stressing that in order to make a true difference the State, business and individuals need to play a synergistic role to achieve real sustainable development.
Mr. Asad noted that over the past three to four centuries, the world has gone through an incredible transformation with Asia being at the receiving end of this alteration for most of this time.
"The world about three centuries back was in a relatively equal place with per capita incomes between the rich and poor averaging at no more than 3:1," Mr. Asad added, noting that it's important to identify the underexploited opportunities and untapped potential of Asia in terms of its growing population and the prospective benefits the region holds for global and regional trade.
The Asian economies will have to pursue a more proactive role in the global economy and emerge as an active rule maker in the global agenda through a more pronounced representation in blocs such as United Nations Security Council, World Bank, IMF, etc. to emerge as a major player in global governance, he added. |
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