TY  - BOOK
AU  - Dollar,David
AU  - Dollar,David
TI  - Asian Century Or Multi-Polar Century ?
PY  - 2007///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Currencies and Exchange Rates
KW  - Debt Markets
KW  - Demographic
KW  - Developing Countries
KW  - Developing Economies
KW  - Economic Performance
KW  - Economic Performances
KW  - Economic Theory and Research
KW  - Emerging Markets
KW  - Energy
KW  - Energy Production and Transportation
KW  - Exchange
KW  - Finance and Financial Sector Development
KW  - Financial Literacy
KW  - Foreign Trade
KW  - Future
KW  - Future Prospects
KW  - Globalization
KW  - Growth Rate
KW  - Health, Nutrition and Population
KW  - Human Capital
KW  - International Economics & Trade
KW  - Investment
KW  - Investment Climate
KW  - Investment Climates
KW  - Labor Policies
KW  - Macroeconomics and Economic Growth
KW  - Natural Resource
KW  - Natural Resources
KW  - Population Policies
KW  - Poverty Reduction
KW  - Power Parity
KW  - Private Sector Development
KW  - Pro-Poor Growth
KW  - Purchasing Power
KW  - Rapid Growth
KW  - Social Protections and Labor
KW  - Trade and Regional Integration
N2  - The "rise of Asia" is something of a myth. During 1990-2005 China accounted for 28 percent of global growth, measured at purchasing power parity (PPP). India accounted for 9 percent. The rest of developing Asia, with nearly a billion people, accounted for only 7 percent, the same as Latin America. Hence there is no general success of Asian developing economies. China has grown better than its developing neighbors because it started its reform with a better base of human capital, has been more open to foreign trade and investment, and created good investment climates in coastal cities. China's success changes the equation going forward: its wages are now two to three times higher than in the populous Asian countries (Bangladesh, India, Indonesia, Pakistan, and Vietnam), and China will become an ever-larger importer of natural resource and labor-intensive products. Developing countries need to become more open and improve their investment climates to benefit from these opportunities. China itself faces new challenges that could hamper its further development: unsustainable trade imbalance with the United States, energy and water scarcity and unsustainable use of natural resources, and growing inequality and social tension. To address the first two of these challenges, good cooperation between China and the United States is essential. The author concludes that we are more likely to be facing a "multi-polar century," than an Asian century
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-4174
ER  -