![]() Policy reforms during the 1990s also led to the emergence of two of today’s largest economies-China and India. Hong Kong, South Korea, Singapore, and Taiwan-known as the Four Asian Tigers-underwent sustained industrialization from the 1960s to 1990s. The 1960s was a crucial period of growth for Asia, known as the “ Asian Miracle,” and marked the start of Japan’s high growth. The region’s global share of GDP (based on purchasing power parity) skyrocketed from 10 percent in the 1950s to approximately 50 percent in 2019.Īt the time of the ADB’s inception, Asia had a lower per capita GDP than Africa or South America. Since the ADB’s establishment in December 1966, the Asia-Pacific region has enjoyed one of the most extensive and durable economic expansions of any region or continent in the world. Both banks occupy the same space, have cofinanced numerous projects, and are subject to the economic volatility of the U.S.-Chinese trade war. 1 The ADB is one of two Asian regional development banks, the other being the Chinese-led Asian Infrastructure Investment Bank (AIIB). The Asian Development Bank (ADB) is the most important development institution in the Asia-Pacific region, addressing regional development problems using financing in the form of grants, loans, and advisory services.
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