Asia is rapidly becoming the center of the world. Today, economy of Korea, China and Japan exceeds that of the United States or the European Union. China is expected to surpass the United States economically and will become the largest economic superpower of the world. Asian Development Bank (ADB)'s report predicts that Asia's GDP (at market exchange rates) increases from $17 trillion in 2010 to 174 trillion in 2050, or 52% of global GDP with a per capital GDP of $40,800 (PPP). Moreover, Goldman Sachs investment identified South Korea, Indonesia, Vietnam, Bangladesh, Pakistan and Philippines, along with five other non-Asian countries, as Next Eleven (N-11) as having a high potential of becoming the world's largest economies in the 21st century.
In 21st century, Asian countries many challenges and opportunities. The impacts of 2012 Eurozone Crisis not only emerged in the U.S. and China but also in many Asian countries. Asia's growth is not guaranteed. Asia must manage multiple risks and challenges, particularly, growing inequality within region. aging society problem, energy demand, environmental pollution and international security affairs. However, Asia has made great advances in the areas of sustainable economic development, democracy and human rights, green growth and energy policy and cultural communication. South Korea, geopolitically located in the center of the Northeast Asia, is considered to be the middle-power country. Although it is engaged in a national division and must prepare for aging society, South Korea has kept steady economic growth and achieved political democratization. Also, through free trade policies and development assistances, South Korea may share its successful experiences especially in the five areas listed above to establish prosperity in Asia.
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Dr. Park Jin, Executive President, Asia Future Institute, Seoul, Korea
- Thursday, 16 August 2012
- 5.15 p.m. - 6.30 p.m.
Seminar Room 3-1
Level 3, Manasseh Meyer
Lee Kuan Yew School of Public Policy
469C Bukit Timah Road