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The 7th Asia Economic Forum, held on July 31, 2011, in Phnom Penh, Cambodia, focused on the critical role of developing countries in global economic growth and the various challenges they face. This includes rising poverty and inequality, competition for natural resources, and environmental issues. The forum analyzed the diverse economic landscapes in Asia, highlighting low-income, middle-income, and high-income economies. It also discussed strategies to avoid the middle-income trap and improve governance and transparency, ensuring sustainable economic recovery in the 21st century.
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Sustaining Asia’s Economic Recovery in the 21st Century7th Asia Economic ForumPhnom Penh, Cambodia31 July 2011 Dr TheinSwe
1: Developing countries are contributing more to global growth Source: World Bank, World Development Indicators 2011.
2. Challenges to sustain • Asia’s economic recovery • Poverty and inequalities • Gap between surging economies & poverty • Competition for natural resources • Economic and social disparities • Environmental challenges • Transparency, Accountability & governance • The “middle income trap”
3: Three types of economies in Asia • Low income/growth economies (LGE) • High growth middle income economies (MIE) • High-income developed economies (HIDE)
4: Low Income Economies market share in global market Source: 2011 World Development Indicators, World Bank.
5: Inequality is increasing in Asian Countries G i n i C o e f f i c i e n tChange Country Initial Year Final Year( % ) Source: World Bank, World Development Indicators, 2011.
6. Primary Commodity Prices started to rise again from 2009-2010 Source: World Bank Commodity Price Data
7: Avoiding the middle income trap Source: IMF World Economic Outlook, October 2010.
9: Firms in East Asia and South Asia have the lowest tax rate Source: World Bank, Doing Business 2011
10: Rankings on Ease of Doing Business 20112010 Singapore 1 1 Thailand 19 16 Malaysia 21 23 Viet Nam 78 88 Indonesia 121 115 Cambodia 147 145 Philippines 148 146 Lao PDR 171 169 Source: World Bank, Doing Business 2011, November 4, 2010.