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India,China,ASEAN to surpass West by 2030: ADB

The combined national wealth of India,China and ASEAN could exceed that of the US and European countries put together in the next 18 years,the Asian Development Bank said

Written by Press Trust Of India | Manila | Published: May 3, 2012 12:51:28 am

Press Trust of India

Manila,May 2

The combined national wealth of India,China and ASEAN could exceed that of the US and European countries put together in the next 18 years,the Asian Development Bank said on Wednesday.

“These three region and countries (India,China and ASEAN) are on a path to significantly improve the quality of life of their citizens in aggregate approaching half of the world’s population by 2030,” ADB President Haruhiko Kuroda said.

Speaking at the 45th Annual Meeting of ADB’s Board of Governors,Kuroda said the bank forecasts a “healthy GDP of 6.9 per cent for developing Asia and the Pacific in the 2012” and growth is expected to climb to 7.3 per cent in 2013.

According to a book released today,national wealth in in the Association of Southeast Asian Nations (ASEAN),China and India could exceed that of the US and Europe combined by 2030,provided steps are taken now to overcome challenges and reduce risks.

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