Manila: About 3 billion Asians could rise to affluent status by 2050 if Asia sustains its present growth momentum and avoids being trapped at middle income levels, according to an Asian Development Bank report.
The report released said as the global economy's centre of gravity shifts toward Asia, the region could account for about half of world economic output in 2050, up from the current 27 per cent, as well as half of trade and investment.
Under an optimistic "Asian Century" scenario, the region's gross domestic product would soar to $148 trillion by mid-century. GDP per person on a purchasing power parity basis would climb to $38,600 compared with the projected 2050 global average of $36,600.
The draft "Asia 2050" report said that economies of China, India, Indonesia and Vietnam will have slower growth rates and stagnant income levels over the next five to 10 years.