New Delhi: Ministry of External Affairs Secretary (Economic Relations) Dammu Ravi on Thursday said a large number of emerging economies especially Asian Countries would play a key role in driving global growth.
Ravi while speaking in a Plenary session on Asia, Emerging Economic Centre: Driving Global Growth and Resilience at the CII Global Economic Forum 2023, themed on Strategizing Global Prosperity Amidst Polycrisis said that the opportunities are unlimited for Asia.
The MEA Secretary further said that Asian countries have contributed to global growth tremendously, as 70% of the global growth is dominated by Asia where billions of people have been lifted out of poverty. It means a lot for global growth particularly the Sustainable Development Goals (SDGs) is contingent upon how Asian economies grow.
Ravi further noted that demographics, remittances, infrastructure, manufacturing and industries, services, and conflict resolution had a multiplier effect on economic growth in Asia adding “Today skilled labour and risen income levels has made Asia extremely vibrant and extremely market attractive for World trade” He emphasized that as there are income inequalities, debt inflation, and volatility we need to see that the MSME sector has to play a greater role in the economic growth in the Asian region.
He said that the issues related to the concentration of supply chains, hidden subsidies, and geopolitical tensions can undermine economic growth in the region, adding that efforts for managing resilient supply chains, improved regulatory frameworks, and internal reforms should be a constant endeavour.
Secretary ER stated, “Digital Infrastructure can be a game changer in the region and enhanced digital literacy in this region can have a multiplier effect on the global economy.” Tetsuya Watanabe, President of the Economic Research Institute for ASEAN and East Asia (ERIA) (Indonesia) said India and ASEAN (Association of Southeast Asian Nations) are blessed with young demography and have anticipated a pivotal role in the global economy.
The networks in the region have stood the test of time and have remained robust and resilient against shocks. He further added that 2023 has been a momentous year for the region as Indonesia and India host consecutive G20 Presidencies and G7 was organized in Japan. He said that trustworthy supply chains and improved robust connectivity in the region will ensure prosperity in Asia. Asia’s participation in the digital economy is important for the overall growth he added.
Chris Bradley, Director, McKinsey, Global Institute and Senior Partner McKinsey, Sidney, Australia called this time an era of remarkable change, he noted that Asia is not a side player anymore, as not only a majority of people but also the majority of trade, majority of energy use, and other activities that would count are here. He said that it is an exciting time to be in Asia and India. Over 60 speakers, including 16 global speakers, shared expert thoughts during the forum. The forum is being attended by more than 400 delegates from different countries.
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