New Delhi, May 4 (ANI): Prime Minister Manmohan Singh on Saturday urged Asian economies to step up efforts to address common challenges by investing resources to help empower all sections of societies in the region. “We have expanded the resources of the IMF enormously in response to the crisis in Europe. We now need to substantially expand the resource base of multilateral development banks so that they have the firepower to help developing countries reach their growth potential,” Singh said at the inaugural session of the ADB”s AGM. Singh said that the 21st century is rightly spoken of as the Asian century. ” This should be seen as a process of resurgence of the Asian region. After centuries of stagnation and deprivation, Asia is regaining its primacy in the global economy,” he said. “In 2013 the IMF expects advanced economies to grow at only 1.2percent while developing Asia to grow more than five times faster at 7.1percent. If the current momentum continues, Asia”s share in the world economy would double by 2050 and would account for over half of global GDP. At this juncture, ADB should take the initiative to find innovative ways to channelise global savings into infrastructure projects,” said Singh. Singh further said that the equitable distribution of the fruits of development requires the pursuit of development through the empowerment of people. The ADB is uniquely positioned to facilitate this change and work with governments to make the world order inclusive, fair and stable. The Asian region is expected to play a crucial role in driving and stabilizing the global recovery process,” the Prime Minister said. ADB president Takehiko Nakao said, “It will be critical to continue examining how we can secure the resource base needed to pursue the bank”s objectives well.” (ANI)
