ADB stresses inclusive growth for Asia
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In order to lead the global economy, Asia must strive for a more inclusive growth, Asian Development Bank (ADB) President Haruhiko Kuroda told the 44th ADB Annual Meeting in Hanoi on Thursday.
“The region cannot prosper, nor achieve its aspirations, if the benefits of growth are not widely shared,” Kuroda said at the opening session.
In order to achieve more equality, as well as address other key problems such as poverty, rapid urbanization, and environmental degradation, the ADB president pointed out 5 most important solutions.
They are strong leadership and good governance, investment in infrastructure, sound financial systems, wider sharing of development knowledge, and increased regional cooperation.
Asia can learn from and share experiences with other developing regions, such as Latin America, he said, noting stronger inter-regional “south-south cooperation” would enhance Asia’s growth and contribute to global economic stability.
The ADB chief also called on the Asia and Pacific region to assume greater global responsibilities in dealing with issues such as climate change and economic rebalancing.
He suggested Asia should adopt a new “green growth” paradigm that fosters environmental stewardship as a cornerstone of growth and strengthen its own financial systems.
Kuroda reiterated his proposal for an Asian Financial Stability Dialogue at the regional level, saying that without collective efforts, the stability of an individual economy cannot be guaranteed.
He said working together for the greater good is not always easy, and sometimes requires the sacrifice of individual benefits, but it is absolutely necessary.
“Never in the history of humankind have we been able to connect regionally and globally as we can today,” he said. “We must take advantage of this unique opportunity to act on our shared challenges.”
