ADB president urges Asian economies to embrace equal growth distribution

As optimism in Asian economies linger, Asian Development Bank (ADB) president Haruhiko Kuroda reminded his audience in a press conference to embrace equal distribution of economic growth for people in all walks of life.   “The very drivers of Asia’s economic success – new technology, globalization and market-oriented reforms – have also served to create and increase disparities within and among Asian economies,” Kuroda said in the 45th Annual Board Governor’s Meeting hosted by the Philippines. Although Asia has been tagged as an emerging region, Kuroda said, it still faces ‘significant’ long-term challenges such as the rising inequality gap. “While these economic trends cannot and should not be reversed, it is critical that they be counterbalanced by policies that will make growth in the region more inclusive,” he noted. To this, Kuroda urges the policymakers and business leaders to embrace inclusive growth or pro-poor growth, which provide longer productive employment. “Such policies would include investment in education to reduce inequality in human capital, investment in infrastructure to reduce unequal access to services and opportunities, and measures to make growth more employment friendly,” he explained. “Inclusive growth benefit the entire population,” the multilateral institution’s president stressed. Citing Vietnam, Kuroda recalled how the country has been the fastest growing economy in the region, and still maintains to be an inclusive economy.   He noted how health and education levels in the country ‘significantly improve.’   “Vietnam is transitioning from a low-income to a medium-income country. They are facing many challenges. In some sense, Vietnam maybe one of the few countries that are becoming relatively inclusive.” -- Rouchelle R. Dinglasan / OMD, GMA News