Asia’s low income countries will outpace other regions

Low-income countries in Asia are better placed than their counterparts in other regions to capitalise on the continent's growth sput, and are at the top of list to join the next wave emerging economies Min Zhu, a special advisor to the managing director of the IMF, said on 12 July.

Speaking in Daejeon, South Korea, Min said low-income countries in Asia had made substantial progress in boosting growth and reducing poverty. "The region accounts for a third of the global economy, up from just under a fifth in 1980. On current trends, Asia's economy could outstrip the United States and the European Union combined by 2015," Min said.

Min said Asian low-income countries, including Bangladesh, Sri Lanka, and Vietnam, had weathered the global financial crisis well, adding he expected GDP growth in the region to bounce back above 6% by 2011, and to remain strong in the medium term. "These favorable prospects partially reflect the potential of the Asian low-income countries to enter into a vibrant regional trade network," Min said. "Low-income Asian economies are poised to step into this production nexus and move up the value chain," he added.

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