May 5, 2011 – Indonesian media reported on Thursday that the Asian Development Bank (ADB) had named the nation as on one the seven countries in Asia that it believed would be at the forefront of leading the region on a rise to become one of the most influential in the world, and one that could have control over half of the economy and output worldwide.
The ADB released it most recent report on Wednesday and said that it believed the key driving forces behind the economic rise of Asia would be India, Japan, China, Malaysia, Indonesia, Thailand and South Korea over the coming 40 years. It also said that is was likely that 3 billion Asian residents would end up having higher living standards than that of other developed areas including the United States of America and Europe.
During last year the economies of those seven nations had a total population of 3.1 Billion people between them which amounts to 78 percent of Asia’s total, and their combined gross domestic product (GDP) amounted to US$14.2 Trillion.
The economy in Indonesia alone had a GDP of RP6,422 Trillion, equating to roughly US$751.48 billion during last year which showed a yearly growth rate of about 6.1%.
The “Asian Century” plan that was drawn out by the ADB dictates that it expects total GDP in the area to rise to $148 Trillion U.S by 2050 and produce 51% of total output globally in the same period. The ADB added that if judged on a purchasing parity basis it was likely that the GDP per capita within the region would reach $38,600, a figure that is higher than the projected global average for 2050 at $36,600.
Fauzi Ichsan, the senior economist for Standard Chartered Bank Indonesia was quoted as saying “Being the 18th largest economy in the world and one of the fastest growing in Asia, Indonesia has the potential to contribute to Asia’s economic growth, which will be the engine of global growth in the next 20 years”.