MANILA, PHILIPPINES - While advanced economies gradually rebuild their balance sheets, Asia's emerging markets need to diversify sources of growth to boost GDP, Asian Development Bank (ADB) President Haruhiko Kuroda said today during an address at the Association of Southeast Asian Nations (ASEAN) Global Dialogue in Phnom Penh, Cambodia.
"Tomorrow's successful economies will focus on effectively transforming themselves through growth that reaches more people, especially the poor," Mr. Kuroda said. "Growth must be more inclusive, green and knowledge-led."
The ASEAN Global Dialogue brings together leaders and key officials from ASEAN and East Asia countries, as well as development partners, to explore challenges and discuss solutions to a range of issues facing the region, including the ongoing global financial crisis, climate change, conflicts, and food and energy security.
While global growth remains sluggish, developing Asia is in better shape with 6.1% growth expected this year, Mr. Kuroda told participants. ASEAN economies have shown particular resilience.
He noted that with 420 million Asians entering the labor market by 2030, job creation will remain a daunting challenge for the region. Infrastructure development is essential to job creation efforts, and in response to ASEAN's massive infrastructure needs the ASEAN Infrastructure Fund was created earlier this year.
Mr. Kuroda also noted that freer trade and greater macroeconomic cooperation within the region will enhance efficiency, strengthen stability and sustain growth.