By Asian Development Bank
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Extra info for Asia 2050: Realizing the Asian Century
In 2009, household ﬁnal as GDP, the size of its middle class will explode. 7 percent of 2030, if growth continues and if households share in GDP, well below the global average (61 percent) and that growth, 75 percent of PRC’s population will enjoy that of Viet Nam (66 percent), Indonesia (63 percent), middle class standards, and $2/day poverty will be India (54 percent) and Thailand (51 percent). It is also substantially wiped out. much lower than PRC’s historical share. 5 percentage even more reason to believe that household incomes points less than GDP growth.
Million mobile phone connections, two-thirds of all 26 Singapore and Republic of Korea—but also in middle “ So far, Asian policymakers have emphasized social stability as the foundation of economic growth. Many have thought of social stability and economic growth as a virtuous cycle From growth to social well-being Table 4 Internet usage is skyrocketing globally, picking up in Asia So far, Asian policy makers have emphasized Many have thought of social stability and economic growth as a virtuous cycle.
In that case, there is a zero-sum game: growth strategy. more for one economy means less for another. 1 Can the The Middle Income Trap: unable to compete The Middle Income Trap refers to countries stagnating and not growing to advanced country levels. This is illustrated in the figure, which plots countries between 1975 and 2005. In a steadily growing economy, the per capita GDP would rise continuously over time, towards higher incomes. That is the experience of Republic of Korea. But many middle income countries do not follow this GDP per capita ($) the per capita incomes of three middle income 18000 Republic of Korea 15000 Avoiding the middle income trap 12000 9000 pattern.
Asia 2050: Realizing the Asian Century by Asian Development Bank