There are still many challenges to tackle traditional ones and emerging ones. As the largest development institution based in
The region s economy has performed well and this has translated to much-reduced poverty, defined as less than
A huge infrastructure gap, environmental degradation and climate change, and the untapped potential of regional cooperation and integration also need to be addressed.
Meanwhile, middle-income countries, which now comprise the majority of countries in the region, face additional problems such as rapid urbanization, aging populations, environmental challenges, and how best to avoid becoming mired in the middle-income trap.
President Nakao outlined in his address how
The President emphasized the importance of good infrastructure such as roads, power, and water in promoting inclusive growth. Such infrastructure is essential for people to go to hospitals and schools, he said. It also improves access to jobs and markets, thereby helping more people out of poverty.
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