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| ADB Headquarters in Manila [PHOTO: ©Eugene Alvin Villar, 2007] |
Manila: While advanced economies gradually rebuild their balance
sheets, Asia’s emerging markets need to diversify sources of growth to boost
GDP, Asian Development Bank (ADB) President Haruhiko Kuroda said during
an address at the Association of Southeast Asian Nations (ASEAN) Global
Dialogue in Phnom Penh, Cambodia.
“Tomorrow’s
successful economies will focus on effectively transforming themselves through
growth that reaches more people, especially the poor,” Kuroda said. “Growth
must be more inclusive, green and knowledge-led.”
The ASEAN Global
Dialogue brings together leaders and key officials from ASEAN and East Asia
countries, as well as development partners, to explore challenges and discuss
solutions to a range of issues facing the region, including the ongoing global
financial crisis, climate change, conflicts, and food and energy security.
While global growth
remains sluggish, developing Asia is in better shape with 6.1% growth expected
this year, Kuroda told participants. ASEAN economies have shown particular
resilience.
He noted that with
420 million Asians entering the labor market by 2030, job creation will remain
a daunting challenge for the region. Infrastructure development is essential to
job creation efforts, and in response to ASEAN’s massive infrastructure needs the
ASEAN Infrastructure Fund was created earlier this year.
Kuroda also noted that freer trade and greater macroeconomic
cooperation within the region will enhance efficiency, strengthen stability and
sustain growth.