Toward a truly Asia-Pacific century

Changes taking place in the world economy are likely to catapult the Asia-Pacific region as the center of gravity of the world economy with China, India and Indonesia emerging as the growth poles for not only the region, but also the entire world.

However, there are some important challenges on the way for this transformation to take place. Focusing on inclusive development and deepening regional cooperation will be critical in overcoming the barriers while leading to a more balanced and sustainable pattern of development.

The Asia-Pacific region has recovered strongly from the depths of crisis in 2010 with a solid 8.8 percent growth achieved by developing economies of the region. The Economic and Social Commission for Asia and the Pacific's (ESCAP) "Economic and Social Survey of Asia and the Pacific 2011" says the growth rate of developing Asia-Pacific economies would moderate to 7.3 percent this year, partly because of a high base effect in 2010 and partly because of the tighter money policies unleashed by the region's central banks.