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Economic outlook and quality of growth

image of Economic outlook and quality of growth

The Asia-Pacific region’s high and steady economic growth has served as an anchor of stability in recent years for the struggling global economy. In considering its high openness to trade, the region’s relative resilience to weak external demand may come as a surprise. One explanation is the increased size of domestic and regional demand. The region’s developing economies now account for a third of the world’s output, only slightly less than the combined share of the developed economies in North America and Europe. If the region continues to outpace global economic growth at the current pace, it would account for more than half of global output by 2050. The region’s income level would converge towards the global average and make the region home to the majority of the global middle class. The Asia-Pacific region’s prominence is also likely to increase in such areas as global trade, finance, technology and education such that what the region does will affect the rest of the world compared with the past when the region was primarily affected by external developments.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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