Insight - Asia can lead global growth this century

World Bank studies estimate that 88 to 115 million people could fall back into extreme poverty because of the downturn. The bright light to counter this is another World Bank report suggests that by 2030, BRI projects could help lift 7.6 million people from extreme poverty and 32 million people from moderate poverty across the world.

AT the 20th edition of the Boao Forum for Asia, President Xi Jinping’s keynote speech emphasised the important role the Asia region and the connectivity provided by the Belt and Road Initiative (BRI) can play in boosting global economic growth.

Asian countries have progressively increased their economic integration through the 10 member Asean group, Asean + 3 and culminating in last November’s Regional Comprehensive Economic Partnership. Asia is the world’s largest regional economy, accounting for over 42% of global GDP by purchasing power parity and close to 60% of the world’s population.