To ensure ongoing economic growth in Asia and for the poorest to have a chance to benefit from the region’s growing prosperity, we must prioritize bringing financial services readily and cheaply to the “unbanked”.
The Asian Development Outlook 2015 highlights how developing Asia’s financial development still lags the advanced economies by a wide margin despite good progress. What can we do to bridge that gap, and also ensure ensure the region’s financial sector grows in a stable, inclusive way?
Migrant remittances, a lifeline for many developing countries in Asia and the Pacific, have grown dramatically with barely any support by the public sector or donor agencies. A recent ADB forum discussed how governments can make better use of this money to create domestic job opportunities.
What can ADB learn from IFC’s experience promoting inclusive business, and what are the main challenges and opportunities in the region?
As developing Asia looks to continue boasting robust economic growth in the future, experts at a joint ADB-IMF seminar during ADB’s Annual Meeting in Baku discussed how the region’s financial sector needs to transform itself to deliver stable, inclusive, long-term results.
ADB and the Islamic Financial Services Board launched today a new publication about how Islamic finance can contribute to sustainable growth in Asia. Here are a few highlights.
Debt has ballooned in developing Asia following the 2008-2009 global financial crisis, supported by plentiful global liquidity. With the US Federal Reserve about to raise interest rates, data from the Asian Development Outlook 2015 gives a clearer picture about the possibility of a credit slowdown in the region.
The PRC has achieved remarkable economic growth, but serious imbalances between regions and areas remain. The government is aiming to bridge these gaps by developing inclusive finance tools.
The reports provide a practical framework and regional visions for further harmonization of bond markets in the region, expected to reap huge rewards for borrowers and investors.
We need to make the best possible use of all financial instruments in our national and regional tool boxes so SMEs in Asia can continue driving national economies, providing jobs, and becoming globally competitive.