Asia's growth story a source of valuable lessons

In 1968, renowned economist Gunnar Mydral published the Asian Drama: An Inquiry into the Poverty of Nations, a highly pessimistic work on Asia's development prospects. In the 50 years since its publication, Asia has witnessed a remarkable economic transformation and emerged as a global economic powerhouse.

Like so many other economists, it was hard for Mydral to imagine Asia undergoing such rapid economic transformation - a rate of development on a scale rarely seen in history.

The development experience of Asia informs our understanding of the complex development processes. The successes, failures and mixed outcomes of the Asian experience provide important insights into the economic prospects of latecomers to economic development. They also reflect how the next 25 years might unfold for Asia in a changing and evolving global context.