India6 to make 45 global GDP: ADB

In 2010,these seven economies had a combined total population of 3.1 billion,or 78 per cent of Asia,and a GDP of USD 14.2 trillion.

8220;These seven economies alone will account for 45 per cent of the global GDP,8221; the report said.

The report compares the potential outcomes for Asia under two competing scenarios 8212; the 8216;Asian Century8217; and the 8216;Middle Income Trap8217;.

In the more optimistic Asian Century scenario,the region8217;s gross domestic product GDP would soar to USD 148 trillion and account for 51 per cent of global output in 2050.

On a purchasing power parity basis,GDP per capita in Asia would rise to USD 45,800,compared with the projected 2050 global average of USD 36,600,as per the report.

It said that by the middle of this century,an additional three billion Asians could enjoy higher living standards,but only 8220;if Asia sustains its present growth momentum8221;.

The report released on the second day of ADB8217;s annual meeting further said that as the global economy8217;s centre of gravity shifts toward Asia,the region could account for about half of global output in 2050,up from the current 27 per cent.

Asia is also likely to contribute half of global trade and investment.

The report,however,cautioned that major Asian economies should ensure they do not fall into the middle-income trap,which could inhibit the growth of emerging markets.

The alternative scenario assumes that Asia8217;s fast-growing economies 8220;China,India,Indonesia,and Vietnam will fall into the middle income trap8221; of slowing growth rates and stagnating income levels over the next 5 to 10 years,it said.

If these events occur,Asia would account for only 32 per cent,or USD 61 trillion,of the global GDP in 2050,it said.