Calling for improved economic collaboration among India, China and Japan, an ADB report has said Asia could re-emerge as engine of global growth by 2050 accounting for over 50% of the world GDP, up from 35%, at present.
Under the best case scenario, a report prepared by the multilateral lending agency Asian Development Bank (ADB), said Asian nations would account for 52% of the global economic output, followed by Europe at 18% and North America at 16% by 2050.
The report, Asia-2050 was recently discussed at the Planning Commission.
Besides greater cooperation among the leading nations of India, Japan and China, the report also called for open trading system and peace and security for expediting growth.
"The Asian century (will) be driven by Asia 8: India, Indonesia, Japan, Malaysia, China, Korea, Thailand and Vietnam," the report said, adding these would account for 95% of Asia's growth between 2010-2050.
During 16th and 17th centuries, before industrial revolution in Europe, Asia used to account for about 60% of the world economy. Its share, however, dipped to a low of 15% between 1950-1970.
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"Asia began to re-emerge after 1950, spurred first by Japan, the Newly Industrialised Countries (NICs)...Starting in 1980s, first China then India, Indonesia and Vietnam, gave further boost", said the report.
It further said, "Asia must act and be seen as a responsible and collaborative global citizen. Its stance on climate change requires a fundamental reassessment."
The report suggested that for improving regional cooperation, Asia need to create an Asia-wide free trade agreement and reduce behind the borders barriers.
It also underlined the need for stepping up investment in regional transport and communication infrastructure and addressing issues concerning climate change and disaster preparedness.
Asia also needs to foster people to people contact to build mutual understanding, goodwill and trust, it added.
The report also cautioned that climate change will cause substantial economic damages to Asia unless Asian economies act.
Pointing out that early and aggressive action on climate change in Asia's own self interest, the report warned that significant reduction in water supply to Indus and Brahmaputra rivers where over 250 million people currently live, could lead to conflict.
Cities like Shanghai, Kolkata, Bangkok and Manila, it warned, were vulnerable to catastrophic flooding.