Asia to Conquer Extreme Poverty by 2020

A report released by an independent panel of the Eminent Persons Group (EPG) of Asian Development Bank (ADB) on April 2 said Asia will be dramatically transformed into a region largely free of extreme poverty, with 90 per cent of the region’s people living in “middle income” countries, and with a regional economy comprising 45 per cent of global GDP and 35 per cent of world trade by 2020.

 

The report sets forth a new paradigm for Asian bank development that moves beyond the traditional model emphasising transfers of external aid sources. The report regards ADB as the institution of choice to deliver development assistance to the region. Accordingly, the “new ADB” must be more focused, and driven by three strategic directions: from fighting extensive poverty to supporting higher and more inclusive growth, from economic growth to environmentally sustainable growth, and from a primarily national focus to a regional and ultimately global focus.