June 16, 2010 – On Wednesday, the Australian Associated Press (AAP) quoted the IMF in saying that in five years’ time the economy of Asia, inclusive of New Zealand and Australia will be have increased by 50% which will account for more than a third of the total output worldwide.
The June Edition of the Finance and Development Magazine which is published by the International Monetary Fund (IMF) and was released on Tuesday in Washington stated that in addition, in twenty years’ time Gross Domestic Product (GDP) within Asia will grow to the extent that it will exceed the GDP of the Group of Seven (G7) major industrial economies which include Japan, France, Britain, Germany, Italy, Canada and the United States of America.
Anoop Singh, the director of Asia and Pacific Development for the IMF said in his article, which was entitled “Asia- Leading the Way”, that “The possibility that Asia could become the world’s largest economic region by 2030 is not idle speculation”.
“It seems very plausible, based on what Asia has already achieved in (two) decades.”
This was inclusive of the emerging economies in Asia, such as Malaysia and China, doubling their percentage share of worldwide trade and more than tripling the share they held in worldwide gross domestic product (GDP).
In regards to this, China, Australia’s number one trading partner and India, Australia’s third largest trading partner have been considered to be the ones blazing the trail.
Singh went on to say that this “phenomenon” was by no means exclusive to India and China and added that the economic importance of Asia as a whole was “palpable and unmistakable”.
The Contribution that has been made towards global economic recovery by Asia has been substantially more than any other region, and the main driving force behind the recovery of many Asian in countries has been both strong demands domestically and exports which contrasts with previous recoveries.