In its latest outlook report for developing Asia, the Asian Development Bank forecast regional growth to increase from 6.1 percent in 2013 to 6.4 percent in 2015. Despite steady economic growth, however, inequality remains a “huge challenge” in the region.
According to Stephen Groff, investments in education, health and social protection could “help reduce inequality and help build a stable base for sustainable growth” in Asia. Groff, ADB’s vice president for operations, sat down with Devex President and Editor-in-Chief Raj Kumar for a video interview on the sidelines of the first-ever Devex Partnerships and Career Forum in Manila.
Groff noted that the bank is in the process of reviewing its engagement strategy not only to address growing inequality in Asia but also to ensure its work will remain relevant to a region that is steadily becoming largely middle-income.
Watch related videos from the forum
“We’re in a region where by 2020, we’re going to have two low-income countries left,” Groff said. “The rest of the countries will be middle-income countries and so that means that the kind of engagement we have has to adjust.”
Watch the video above for more insights from the ADB senior official on the bank’s Strategy 2020 and how it is adjusting the strategy to become more responsive to developing Asia’s needs.
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