This month's featured article
Entering the Uncharted Territory
Iwan J. AZIS Head, Office of Regional Economic Integration (OREI), Asian Development Bank (ADB), and Professor, Cornell University
Asia is an irony. It has gone through a dramatic turnaround from excess investment during the pre-1997 Asian financial crisis (AFC) to excess savings during the post AFC, including the rise of foreign reserve accumulation. Yet, the region is having huge deficits in social and physical infrastructure.
The good thing is that Asia has become more resilient to external shocks as shown during the U.S. crisis following the collapse of Lehman Brothers in the Fall of 2008 and the subsequent eurozone crisis. The bad thing is that despite having a strong economic growth and much improved macro environment, the socio-economic and ecological conditions in many countries remain poor or have worsened: inequality increases, society has become more polarized, employment elasticity decreases, pollution and resource depletion and other environmental conditions deteriorate. Indeed, Asia is still far behind in adopting the so-called "triple bottom line" approach to human well-being.
To read the full text
http://www.rieti.go.jp/en/special/p_a_w/023.html
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