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95-540: The Asian Century is the projected 21st-century dominance of Asian politics and culture, assuming certain demographic and economic trends persist. The concept of Asian Century parallels the characterisation of the 19th century as Britain's Imperial Century , and the 20th century as the American Century . A 2011 study by the Asian Development Bank found that 3 billion Asians (so 56.6% of

190-655: A regional development bank established on 19 December 1966, which is headquartered in 6 ADB Avenue, Mandaluyong , Metro Manila 1550, Philippines . The bank also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and

285-411: A social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth , and regional integration . This is carried out through investments – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping countries prepare for

380-541: A $ 4 billion emergency loan to South Korea. In 1999, ADB adopted poverty reduction as its overarching goal. The early 2000s saw a dramatic expansion of private sector finance. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. However, beginning in 2002,

475-460: A Knife-edge' argues: "Over the course of the twenty-first century, India could well emerge as Asia’s leading power. Already, India’s economy is growing faster than China’s, a trend which could continue, unless China gets serious about economic reform. Further, India’s population will overtake China’s in 2022 and could be some 50% higher by 2100, according to the UN" . In 2019 professor Chris Ogden,

570-743: A Lecturer in Asian Security at the University of St Andrews , wrote that, "Although still behind relatively in terms of income per capita and infrastructure, as this wealth is translated into military, political, and institutional influence (via bodies such as the United Nations and the new Asian Infrastructure Investment Bank ), Asia’s two largest powers will gain a structural centrality and importance that will make them critical global lynchpins. Expectant populations and vocal leaders are accelerating and underpinning this criticality, and—if

665-567: A best-seller, can attract huge crowds in New York's Central Park or London's Wembley Stadium. Buddhism in some countries is the second biggest religion. FWBO is one of the biggest and fastest-growing Buddhist organisations in the West. Belief in reincarnation has never been a part of official Christian or Jewish teaching, or at least, in Christianity, it has been a formal heresy since it

760-529: A brand name for SBS content such as TV shows and news originating from Asia such as China, South Korea, Japan and India. The growing awareness and popularity of Eastern culture and philosophies in the West has led to Eastern cultural objects being sold in these countries. The most well known being statues of the Buddha which range from statues sold for the garden to items sold for the house. Statues of Hindu gods such as Ganesha and East Asian iconography such as

855-486: A composite Leading Economic Index consisting of ten indicators designed to predict activity in the U. S. economy six to nine months in future. Components of the Conference Board's Leading Economic Indicators Index: Economist D.W. Mackenzie suggests that the ratio of private to public employment may also be useful as a leading economic indicator. Lagging indicators are indicators that usually change after

950-658: A consequence, be assumed by one or more of Asia's nation states. Among many scholars have provided factors that have contributed to the significant Asian development, Kishore Mahbubani provides seven pillars that rendered the Asian countries to excel and provided themselves with the possibility to become compatible with the Western counterparts. The seven pillars include: free-market economics, science and technology, meritocracy, pragmatism, culture of peace, rule of law and education. Professor John West in his book 'Asian Century … on

1045-426: A large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction. ADB partners with other development organizations on some projects to increase the amount of funding available. In 2014, $ 9.2 billion—or nearly half—of ADB's $ 22.9 billion in operations were financed by other organizations. According to Jason Rush, Principal Communication Specialist,

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1140-522: A ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Therefore, Manila was declared the host of

1235-743: A new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. But the US did not warm to the plan and the concept was shelved. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank", July 2017. The idea came up again late in 1962 when Kaoru Ohashi, an economist from

1330-483: A part of a much more culturally aware world, as proposed in the Clash of Civilizations thesis. Equally, the affirmation of Asian cultures affects the identity politics of Asians in Asia and outside in the Asian diasporas . The Gross National Cool of Japan is soaring; Japanese cultural products, including TV shows, are undoubtedly "in" among American audiences and have been for years. About 2.3 million people studied

1425-574: A population of some 50 million – around 0.2 per cent of the total. By the 1990s the figure was estimated as between 4.2 percent and 11 percent of the British population and rising rapidly. As Porritt and Winner observe, as recently as the 1960s and early '70s, "being a vegetarian was considered distinctively odd," but "it is now both respectable and common place." The spread of the Korean wave, particularly K-pop and Korean dramas , outside Asia has led to

1520-529: A readiness to supplement Eastern forms of medicine, therapy, and massage and reject traditional Western medicine in favor of techniques, such as acupressure and acupuncture. Practices such as moxibustion and shiatsu enjoy enormous popularity in the West. So do virtually all the Eastern martial arts, such as kung fu, judo, karate, aikido, taekwondo, kendo, jujitsu, tai chi, qigong, ba gua, and xing yi, with their many associated schools and subforms. Asian cuisine

1615-576: A research institute in Tokyo, visited Takeshi Watanabe , then a private financial consultant in Tokyo, and proposed a study group to form a development bank for the Asian region. The group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank . However, the idea received a cool reception from the World Bank itself and

1710-560: A severe food crisis , while also addressing climate change with significant financial commitments, including $ 6.7 billion for climate initiatives and a $ 14 billion package for food security. The ADB committed a total of $ 20.5 billion in various forms of assistance, including private sector financing, and fostered regional cooperation, with a focus on gender equality , education, healthcare , and unlocking additional resources through innovative financial mechanisms. The report also notes organizational reforms for increased efficacy,

1805-512: A significant role in experiencing "higher life expectancy and economic growth, and even to the quality of institutions and whether societies will make the transition into modern democracies". The Asian countries with the most promising growth prospects are: Bangladesh, China, India, Indonesia, Iraq, Mongolia, Philippines, Sri Lanka and Vietnam. Developing Asia is projected to be the fastest growing region until 2050, driven by population and income growth: 9 of 11 3G countries came from Asia. Vietnam has

1900-515: A similar albeit slower ascent at the end of the 1980s and early 1990s, and has averaged around 4% during this period, though growing slightly over 8% in 2005, and hitting 9.2% in 2006 before slowing to 6% in 2009, then reaching 8.9% in 2010. Both of these developments involved policy of a degree of managed liberalisation of the economy as well as a turning outwards of the economy towards globalisation (both exports and attracting inward investment). The magnitude of this liberalisation and globalisation

1995-494: A sizeable 29 percent by 1979, a good six-fold increase on the earlier "Puzzled People" figure. Eileen Barker has reported that around one-fifth of Europeans now say that they believe in reincarnation. Karma , which has its roots in ancient India and is a key concept in Hinduism , Buddhism and other Eastern religions , has entered the cultural conscience of many in the Western world. John Lennon 's 1970 single, " Instant Karma! "

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2090-445: Is Thailand 's Mae Moh coal-fired power station . Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement , while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. The bank has been criticized over its role and relevance in

2185-451: Is credited towards the popularisation of karma in the Western world and is now a widely known and popular concept today giving rise to catchphrases and memes and figuring in other forms of Western popular culture. Mindfulness and Buddhist meditation , both very popular in Asia, have gained mainstream popularity in the West. The global political position of China and to a lesser extent India has risen in international bodies and amongst

2280-775: Is found across the United States and in regards for the former, in other parts of the world as well. Asian-inspired food products have also been launched including from noodle brand, Maggi . In Australia, New Zealand, Ireland and the UK an Asian-inspired range of noodles known as Maggi Fusian and a long running range in Germany and Austria known as, Maggi Magic Asia includes a range of noodles inspired by food dishes found in China, Japan, Korea, India, Malaysia, Singapore, Indonesia and Thailand. Yoga has gained popularity outside India and

2375-408: Is now a popularly used term in the media. Asia's robust economic performance over the three decades preceding 2010, compared to that in the rest of the world, made perhaps the strongest case yet for the possibility of an Asian Century. Although this difference in economic performance had been recognised for some time, specific individual setbacks (e.g., the 1997 Asian financial crisis ) tended to hide

2470-400: Is opposed by Pakistan; Japan's bid is opposed by China, South Korea, North Korea). An Asian regional bloc may be further developed in the 21st century around ASEAN and other bodies on the basis of free trade agreements. However, there is some political concern amongst the national leaderships of different Asian countries about PRC's hegemonic ambitions in the region. Another new organization,

2565-542: Is quite popular in the West due to Asian immigration and subsequent interest from non-Asians into Asian ingredients and food. Even small towns in Britain, Canada, Scandinavia, or the United States generally have at least one Indian or Chinese restaurant. Restaurants serving pan-Asian and Asian-inspired cuisine have also opened across North America, Australia and other parts of the world. P.F. Chang's China Bistro and Pei Wei Asian Diner which serve Asian and Asian-inspired food

2660-543: Is still subject to debate. They were part of conscious decisions by key political leaders, especially in India and the PRC. Also, the populations of the two countries offer a potential market of over two and a quarter billion. The development of the internal consumer market in these two countries has been a major basis for economic development. This has enabled much higher national growth rates for China and India in comparison to Japan,

2755-516: Is the private National Bureau of Economic Research . The Bureau of Labor Statistics is the principal fact-finding agency for the U.S. government in the field of labor economics and statistics. Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis . Economic indicators can be classified into three categories according to their usual timing in relation to

2850-659: The 2004 Indian Ocean earthquake and tsunami . In addition, $ 1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. In December 2005, China donated $ 20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution. In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $ 55 billion to $ 165 billion, giving it much-needed resources to respond to

2945-826: The Burj Khalifa in Dubai , UAE , and the Shanghai Tower . Future buildings promise to be taller, such as the PNB 118 in Kuala Lumpur and Legacy Tower in Dhaka. Culturally, the Asian century is symbolised by Indian genre films ( Bollywood , Parallel Cinema ), Hong Kong genre films ( martial arts films , Hong Kong action cinema ), Japanese animation , and the Korean Wave . The awareness of Asian cultures may be

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3040-639: The East Asian Summit , could also possibly create an EU-like trade zone. The Russian Prime Minister Yevgeny Primakov encouraged the idea of a triple alliance between Russia, the PRC and India first formulated by Indian strategist Madhav Das Nalapat in 1983, and supported the idea of a multipolar world. The 2007 World Bank Report on globalization notes that "rising education levels were also important, boosting Asian growth on average by 0.75 to 2 percentage points." The rapid expansion of human capital through quality education throughout Asia has played

3135-501: The United Nations Environmental Program , stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes." There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. One of the most controversial ADB-related projects

3230-511: The Yin and yang are also sold in many stores in Western countries. Ishka a chain store in Australia sells many Asian-origin content particularly from India. The selling of Eastern cultural objects has however been met by criticism, with some saying many who buy these items do not understand the significance of them and that it is a form of Orientalism . As recently as the 1950s, Crane Brinton ,

3325-602: The food crisis . The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to problems such as the rice supply shortage in Southeast Asia. Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $ 2.4 billion,

3420-501: The global economic crisis . The 200% increase is the largest in ADB's history, and was the first since 1994. Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the world's poor. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. ADB responded to this with loans and grants that encouraged economic growth. In early 2012,

3515-520: The worsening relations between China and India make hopes for a peaceful and cooperative Asian world order seem unlikely. In 1924, Karl Haushofer used the term "Pacific age," envisaging the growth of Japan, China and India: "A giant space is expanding before our eyes with forces pouring into it which ... await the dawn of the Pacific age, the successor of the Atlantic age, the over-age Mediterranean and European era." The phrase Asian Century arose in

3610-562: The ADB began to re-engage with Myanmar in response to reforms initiated by the government. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $ 20 billion by 2020 – 50% more than

3705-638: The ADB into a high-impact development agency. On 18 November 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City , Philippines. On 31 May 1991, ADB moved its offices to Ortigas Center in Pasig City , with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. In the 1990s, ADB began promoting regional cooperation by helping the countries on

3800-671: The ADB undertook a dramatic expansion of private sector lending under a new team. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. This culminated with the Board's formal recognition of these achievements in March 2008, when the board of directors formally adopted the Long Term strategic Framework (LTSF). That document formally stated that assistance to private sector development

3895-498: The ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions. Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities." The bank also received criticism from

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3990-580: The Agricultural Special Fund in April 1968. Watanabe served as the first ADB president to 1972. In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. ADB focused on improving roads and providing electricity. When

4085-544: The Asian Century assumes that Asian economies can maintain their momentum for another 40 years, adapt to shifting global economic and technological environment, and continually recreate comparative advantages. In this scenario, according to 2011 modelling by the Asian Development Bank Asia's GDP would increase from $ 17 trillion in 2010 to $ 174 trillion in 2050, or half of global GDP. In

4180-531: The Bank communicates with many other multilateral organizations. More than 50 financing partnership facilities, trust funds, and other funds – totaling several billion each year – are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. ADB has raised Rupees 5 billion or around Rupees 5 billion from its issuance of 5-year offshore Indian rupee (INR) linked bonds. On 26 February 2020, ADB raises $ 118 million from rupee-linked bonds and supporting

4275-512: The CIA, China hosted the most users, India the third, Japan the sixth, and Indonesia as the tenth as of 2020. India has the largest film industry in the world, and Indian Film Industry produces more films than Nollywood and Hollywood. In the early years of the twentieth century very few people were vegetarians. The figure given for the United Kingdom during World War 2 was 100,000 out of

4370-551: The EU and even the US. The international cost advantage on goods and services, based on cheaper labour costs, has enabled these two countries to exert a global competitive pressure. The term Easternization has been used to refer to the spread of oriental (mainly Japanese) management techniques to the West. The trend for greater Asian economic dominance has also been based on the extrapolations of recent historic economic trends . Goldman Sachs , in its BRIC economic forecast, highlighted

4465-558: The East Asian and South Asian economies will have increased by over 20 times. With that comes a rise in Human Development Index , the index used to measure the standards of living. India's HDI will approach .8. East Asia's would approach .94 or fairly close to the living standards of the western nations such as the EU and the US. This would mean that it would be rather difficult to determine the difference in wealth of

4560-466: The Far East or ECAFE), and non-regional developed countries . Starting with 31 members at its establishment, ADB now has 68 members. The ADB was modeled closely on the World Bank and has a similar weighted voting system, where votes are distributed in proportion with members' capital subscriptions. ADB releases an annual report that summarizes its operations, budget, and other materials for review by

4655-533: The Mekong River to trade and work together. The decade also saw an expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War. In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the poor. During the crisis, ADB approved its largest single loan –

4750-538: The Pacific. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. In 1982, ADB opened its first field office, in Bangladesh , and later in the decade, it expanded its work with non-government organizations (NGOs). Japanese presidents Inoue Shiro (1972–76) and Yoshida Taroichi (1976–81) took the spotlight in the 1970s. Fujioka Masao, the fourth president (1981–90), adopted an assertive leadership style, launching an ambitious plan to expand

4845-488: The United States, owing to a growing belief in the economic advantages of knowing it. It is being encouraged through the PRC's support of Confucius Institutes , which have opened in numerous nations to teach the Chinese language and culture . Chinese has been rated as the second most used language on the internet with nearly a quarter speaking Chinese, Japanese came as fourth, and Korean as the tenth as of 2010. According to

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4940-597: The adoption of a hybrid work model following the full reopening of its headquarters. ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a specific reason to keep it confidential. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. Since

5035-534: The bank is at 6 ADB Avenue, Mandaluyong , Metro Manila , Philippines , and it has 42 field offices in Asia and the Pacific and representative offices in Washington , Frankfurt, Tokyo and Sydney . The bank employs about 3,000 people, representing 60 of its 68 members. As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by

5130-605: The bank's ordinary capital resources (OCR), which functions as its general operational fund. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). In 2017, ADB lent $ 19.1 billion of which $ 3.2 billion went to private enterprises, as part of its "non-sovereign" operations. ADB's operations in 2017, including grants and co-financing, totaled $ 28.9 billion. ADB obtains its funding by issuing bonds on

5225-505: The beginning of the 21st century, the Asian population is predicted to grow to more than five billion by 2050. While its percent of the world population is not expected to greatly change, North American and European shares of the global population are expected to decline. The major driver is continued productivity growth in Asia, particularly in China and India, as living standards rise. Even without completely converging with European or North American living standards, Asia might produce half of

5320-424: The broad sweep and general tendency. By the early 21st century, however, a strong case could be made that this stronger Asian performance was not just sustainable but held a force and magnitude that could significantly alter the distribution of power on the planet. Coming in its wake, global leadership in a range of significant areas—international diplomacy, military strength, technology, and soft power —might also, as

5415-405: The business cycle: leading indicators, lagging indicators, and coincident indicators. Leading indicators are indicators that usually, but not always, change before the economy as a whole changes. They are therefore useful as short-term predictors of the economy. Leading indicators include the index of consumer expectations, building permits, and credit conditions. The Conference Board publishes

5510-634: The current state of the economy. There are many coincident economic indicators, such as Gross Domestic Product , industrial production, personal income and retail sales. A coincident index may be used to identify, after the fact, the dates of peaks and troughs in the business cycle. There are four economic statistics comprising the Index of Coincident Economic Indicators: The Philadelphia Federal Reserve produces state-level coincident indexes based on 4 state-level variables: There are also three terms that describe an economic indicator's direction relative to

5605-512: The development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $ 1 billion of outstanding bonds. The 2022 Annual Report details ADB's efforts in aiding its developing member countries to overcome the aftermath of the COVID-19 pandemic , tackle new challenges like the Russian invasion of Ukraine and

5700-399: The direction of the general economy: Local governments often need to project future tax revenues. The city of San Francisco, for example, uses the price of a one-bedroom apartment on Craigslist , weekend subway ridership numbers, parking garage usage, and monthly reports on passenger landings at the city's airport. Asian Development Bank The Asian Development Bank ( ADB ) is

5795-637: The distinguished historian of ideas, could dismiss "modern groups that appeal to Eastern wisdom" as being in effect "sectarian", "marginal", and "outside the main current of Western thought and feeling". Yet some Westerners have converted to Eastern religions or at least have shown an interest in them. An example is Maharishi Mahesh Yogi , whom the Beatles followed, first to Bangor in Wales in 1967, and subsequently to India to study Transcendental Meditation in 1968. The Dalai Lama, whose book The Art of Happiness became

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5890-421: The economy as a whole does. Typically the lag is a few quarters of a year. The unemployment rate is a lagging indicator: employment tends to increase two or three quarters after an upturn in the general economy. . In a performance measuring system, profit earned by a business is a lagging indicator as it reflects a historical performance; similarly, improved customer satisfaction is the result of initiatives taken in

5985-544: The eleven countries – Bangladesh , Egypt , Indonesia , Iran , Mexico , Nigeria , Pakistan , Philippines , Turkey , South Korea , and Vietnam – identified by Goldman Sachs investment bank and economist Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICs / BRICS , the world's largest economies in the 21st century. The bank chose these states , all with promising outlooks for investment and future growth, on 12 December 2005. At

6080-399: The end of 1972, Japan had contributed $ 173.7 million (22.6% of the total) to the ordinary capital resources and $ 122.6 million (59.6% of the total) to the special funds. In contrast, the United States contributed only $ 1.25 million to the special fund. After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. At the time, Asia

6175-437: The end of 2011, the four major countries (Mexico, Indonesia, Nigeria and Turkey) also known as MINT , made up 73 percent of all Next Eleven GDP. BRIC GDP was $ 13.5 trillion, while MIKT GDP at almost 30 percent of that: $ 3.9 trillion. Asia's growth is not guaranteed. Its leaders will have to manage multiple risks and challenges, particularly: Despite forecasts that predict the rising economic and political strength of Asia,

6270-698: The establishment of services to sustain this demand. Viki and DramaFever are examples of services providing Korean dramas to international viewers alongside other Asian content. SBS PopAsia and Asian Pop Radio are two radio-related music services propagating the proliferation of K-pop throughout Australia. Apart from K-pop, Asian Pop Radio is also devoted to other Asian pop music originating from Indonesia, Thailand, Japan, Malaysia and Singapore. Similarly, SBS PopAsia focuses on other East Asian pop music from China and Japan and to some extent Southeast Asian pop music in conjunction with K-pop. The rising popularity of Asian-related content has resulted in "SBS PopAsia" becoming

6365-476: The estimated 5.3 billion total inhabitants of Asia by 2050) could enjoy living standards similar to those in Europe today, and the region could account for over half of global output by the middle of this century. Some argue that Asia's growing emphasis on solidarity, as well as maturing and progressive relationships among countries in the region, will further underpin the creation of the 21st Asian Century. However,

6460-447: The existential issues of environmental pollution and corruption can be overcome—herald the emergence of an Asian-centric, and China / India-centric, world order that will form of the essential basis of international affairs for many decades to come." Population growth in Asia is expected to continue through at least the first half of the 21st century, though it has slowed significantly since the late 20th century. At four billion people in

6555-401: The global GDP by 2050. This is a large shift compared to the immediate post-cold war, when North America and Europe combined produced half of the global GDP. A 2011 study by the Asian Development Bank stated that: "By nearly doubling its share of global gross domestic product (GDP) to 52 percent by 2050, Asia would regain the dominant economic position it held some 300 years ago. The notion of

6650-503: The highest Global Growth Generators Index, China is second with 0.81, followed by India's 0.71. Based on a report from the HSBC Trade Confidence Index (TCI) and HSBC Trade Forecast, there are 4 countries with significant trade volume growth – Egypt, India, Vietnam and Indonesia – with growth is projected to reach at least 7.3 per cent per year until 2025 The Next Eleven (known also by the numeronym N-11 ) are

6745-469: The idea of an Asian Century has faced criticism. This has included the possibility that the continuing high rate of growth could lead to revolution, economic slumps , and environmental problems , especially in mainland China. Speeches and Political Statements Forecasts Criticism Economic indicator The leading business cycle dating committee in the United States of America

6840-459: The impact of climate change or better manage their natural resources , as well as other areas. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and " soft" loans with lower interest rates to poorer countries in the region. Based on a new policy, both types of loans will be sourced starting January 2017 from

6935-414: The language worldwide in 2003: 900,000 South Koreans, 389,000 Chinese, 381,000 Australians, and 140,000 Americans study Japanese in lower and higher educational institutions. Feng shui books topped the nonfiction best-seller lists and feng shui schools have multiplied. Major banks and multinational corporations employ feng shui consultants to advise them on the organisation of their offices. There has been

7030-437: The largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while

7125-518: The mid to late 1980s, and is attributed to a 1988 meeting with Paramount leader Deng Xiaoping of China and Prime minister Rajiv Gandhi of India in which Deng said that '[i]n recent years people have been saying that the next century will be the century of Asia and the Pacific, as if that were sure to be the case. I disagree with this view.' Prior to this, it made an appearance in a 1985 US Senate Committee on Foreign Relations hearing. It has been subsequently reaffirmed by Asian political leaders, and

7220-723: The most groundbreaking construction projects will take place in Asia within the approaching years. As a symbol of economic power, supertall skyscrapers have been erected in Asia, and more projects are currently being conceived and begun in Asia than in any other region of the world. Completed projects include: the Petronas Towers of Kuala Lumpur , the Shanghai World Financial Center , International Finance Centre in Hong Kong, Taipei 101 in Taiwan,

7315-536: The new development bank; the Japanese were mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." (Asian Development Bank publication, "Towards a New Asia", 1977, p. 16) On 3 December 1965, Philippine President Diosdado Macapagal lays the foundation stone of the Asian Development Bank. As intensive work took place during 1966 to prepare for

7410-400: The opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime Minister Eisaku Satō asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. By

7505-604: The others come from non-regional members. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. The president has a term of office lasting five years, and may be re-elected. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. The current president is Masatsugu Asakawa . He succeeded Takehiko Nakao on 17 January 2020, who succeeded Haruhiko Kuroda in 2013. In 2024, Asakawa announced his resignation effective on 23 February 2025. The headquarters of

7600-424: The past. The Index of Lagging Indicators is published monthly by The Conference Board , a non-governmental organization, which determines the value of the index from seven components. The Index tends to follow changes in the overall economy. The components on the Conference Board's index are: Coincident indicators change at approximately the same time as the whole economy, thereby providing information about

7695-669: The previous level. In 2020, ADB gave a $ 2 million grant from the Asia Pacific Disaster Response Fund, to support the Armenian government in the fight against the spread of COVID-19 pandemic . In the same year, the ADB committed a $ 20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the pandemic, as well as approved $ 500,000 in regional technical assistance to procure personal protective equipment and other medical supplies. The ADB defines itself as

7790-480: The public. The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. After completing their study programs, scholars are expected to contribute to the economic and social development of their home countries. ADB holds the status of an official United Nations Observer. As of 31 December 2020, Japan and the United States each holds

7885-525: The rest of Asia and has entered mainstream culture in the Western world. International Day of Yoga is now celebrated across the world annually on June 21 since 2015, following its inception in the United Nations General Assembly in 2014. Though the use of English continues to spread, Asian languages are becoming more popular to teach and study outside the continent. The study of Chinese has recently gained greater attention in

7980-566: The same study, the Asian Development Bank estimates that seven economies (China, India, Indonesia, Japan, South Korea, Thailand, Malaysia) would lead Asia's powerhouse growth; under the Asian Century scenario, the region would have no poor countries, compared with eight in 2011. Since China's economic reforms in the late 1970s (in farm privatisation) and early 1990s (in most cities), the Chinese economy has enjoyed three decades of economic growth rates between 8 and 10% . The Indian economy began

8075-431: The study group became discouraged. In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. 65). Despite an initial mixed reaction, support for the establishment of a new bank soon grew. An expert group

8170-438: The trend towards mainland China becoming the largest and India the second largest economies by the year 2050 in terms of GDP. The report also predicted the type of industry that each nation would dominate, leading some to deem mainland China 'the industrial workshop of the world' and India 'one of the great service societies'. As of 2009, the majority of the countries that are considered newly industrialized are in Asia. By 2050,

8265-401: The two. Because of East Asian and Indian populations, their economy would be very large, and if current trends continue, India's long-term population could approach double that of China. East Asia could surpass all western nations' combined economies as early as 2030. South Asia could soon follow if the hundreds of millions in poverty continue to be lifted into middle class. It is projected that

8360-420: The wake of the escalating U.S. military support for the government of South Vietnam . As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. However, eight other cities had also expressed an interest: Bangkok , Colombo , Kabul , Kuala Lumpur, Manila , Phnom Penh , Singapore, and Tehran . To decide, the 18 prospective regional members of the new bank held three rounds of votes at

8455-543: The world powers, leading the United States and European Union to become more active in the process of engagement with these two countries. China is also a permanent member of the UN Security Council . Although India is not a permanent member, it is possible that it will become one or at the least gain a more influential position. Japan is also attempting to become a permanent member, though the attempts of both are opposed by other Asian countries (i.e. India's bid

8550-505: The world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries. Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and

8645-418: The world's capital markets. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. ADB's participation is usually limited but it leverages

8740-434: Was convened to study the idea, with Japan invited to contribute to the group. When Watanabe was recommended, the two streams proposing a new bank—from ECAFE and Japan—came together. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by United States President Lyndon B. Johnson in

8835-566: Was one of the poorest regions in the world. Early loans went largely to Indonesia , Thailand , Malaysia , South Korea and the Philippines ; these countries accounted for 78.48% of the total ADB loans between 1967 and 1972. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $ 100 million donation for

8930-599: Was rejected by a narrow margin at the Second Council of Constantinople in AD 553. However nearly all polling in Western countries reveals significant levels of this belief. "Puzzled People" undertaken in the 1940s suggested that only 4 per cent of people in Britain believed in reincarnation. Geoffrey Gorer's survey, carried out a few years later, arrived at 5 percent (1955, p. 262). However, this figure had reached 18 percent by 1967 (Gallup, 1993), only to increase further to

9025-536: Was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work together to address infectious diseases, including avian influenza and HIV/AIDS. ADB also responded to a multitude of natural disasters in the region, committing more than $ 850 million for recovery in areas of India, Indonesia, Maldives , and Sri Lanka which were impacted by

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