MANILA, PHILIPPINES - The future prosperity of the Asia-Pacific region is threatened by a deepening divide between rich and poor, according to the latest issue of Development Asia magazine, which examines in a series of articles the causes and consequences of rising inequality, and options for governments to close income gaps.
In an interview with Development Asia, India’s Finance Minister P. Chidambaram discusses India’s progress on curbing inequality by promoting inclusive economic growth and by providing better access to jobs, education and health services.
“In order to meet the rising expectations of the people, we have to meet the basic needs of people,” Mr. Chidambaram tells Development Asia.
Gaps are growing as Asia grows wealthier. In the past two decades in Asia, the Gini-coefficient – the most common measure of inequality – has risen sharply from 39 to 46. While other regions have had similar problems, Asia has been less successful in reversing the trend.
Also in this issue, economist Justin Yifu Lin explains how a renewed commitment to market reforms would reduce inequality in the People’s Republic of China. It also reveals Cambodia’s struggle to curb child mortality – a tragic symptom of inequality. The cover package also shows how some Asian countries have managed to sidestep inequality.
Development Asia, the Asian Development Bank’s (ADB) biannual magazine on human and economic development in Asia and the Pacific, takes a fresh look at development issues in the region. Readers include key decision makers in government, multilateral organizations, the development community, and opinion makers in and out of Asia, as well as academics, civil society and journalists.
Further information about the publication is available on Development Asia's website: www.development.asia