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Below is the summary of the report, highlighting particular outcomes and future recommendations.

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summary

The opportunities and challenges presented by Asia’s vibrant economic growth was spotlighted at the latest Friends of Europe debate entitled 'Asia 2050: Challenges ahead'. Participants examined the findings of a recent Asian Development Bank (ADB) study on 'Realising the Asian century', exploring issues ranging from climate change to gender equality, governance to development policy. The debate, held as part of Friends of Europe’s Asia Programme, brought together diplomats, business representatives, academics and economists, who looked at how to secure Asian economic growth, while coping with a host of challenges including increased demand for natural resources, social inequalities and income disparities and demands for good governance and institutional stability.

The high-level panel discussing these issues included Asian Development Bank Vice President Ursula Schaefer-Preuss, Executive Secretary General of the European External Action Service Pierre Vimont and Ashok Sharma, the Senior Director of the Asian Development Bank’s Office of Regional Economic Integration. The discussion was moderated by Shada Islam, the Head of Friends of Europe's Asia Programme. Participants examined the ADB study which suggests that Asia could regain the position of economic ascendance it held 300 years ago, with the potential of combined GDP increasing from $17 trillion in 2010 to $174 trillion in 2050. However, the report also highlights the dangers of falling into the 'middle-income' trap associated with slow growth and stagnation, with participants calling for greater inter-regional and international cooperation to ensure political stability and secure sustainable growth.