FRANKFURT: The global recession and readjustments in China may have moderated the pace of Asia’s ascent, but the region’s share and influence in the global economy are set to rise over the next five years, ADB President Takehiko Nakao said on Thursday.

“Asian tide has not dissipated. China is growing at a decent pace despite embarking on reforms to reorient its policies to sustain the expansion,” he said while speaking at a panel discussion during the final day of the ADB’s 49th annual meeting.

“The growth in India, Pakistan, Indonesia, Vietnam and scores of other Asian countries is above global average and the outlook is promising despite challenges — both external and internal,” he said.

Finance Minister Ishaq Dar, who shared the stage with his Indian and Indo­nesian counterparts besides a few others representing multilateral outfits, was measured in his response to pointed questions, particularly on soured ties with India.

Commenting on the China-Pakistan Economic Corridor (CPEC), he emphasised that the “gains of the $46 billion investment in multiple infrastructure and logistics projects in Pakistan will transcend borders. It will certainly ramp up growth in my country but it would also be beneficial for the neighbouring countries, including Afghanistan, India and Central Asian Republics, by improving regional connectivity”.

Indian Finance Minister Arun Jaitley, who looked aloof and stiff, dismissed the possibility of a financial shock to India despite banking sector woes. “The problems faced by banks were rooted in troubles of some key sectors, such as steel, commodities and agriculture,” he said. “The situation is improving. And if we get a good monsoon this year and the global recession subsides, we hope to achieve higher-than-projected growth next year.”

All panellists concurred that much in Asia would depend on how different countries rebalance themselves to offset the negative impact of slowdown in China, commodity price crash and the global recession.

Dar elected ADB vice chair

The ADB’s board of governors unanimously elected Mr Dar as one of the two vice chairmen of the bank for 2016-17. The second vice chair was from Italy.

Mr Dar described his appointment as an honour that would increase both responsibility and the influence of the country in the regional bank.

“It’s a mark of recognition of our efforts and delivering on reforms leading the country out of the economic mess and putting it back on the rails,” he told Dawn on the sidelines of the meeting.

Published in Dawn, May 6th, 2016

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.