Asia-Pacific region provides strong contribution to global economy: ADB report

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The Asia and Pacific region is increasing its strong contribution to the global economy, according to the Asian Development Bank (ADB) annual statistical report released on Tuesday.

The report, Key Indicators for Asia and the Pacific 2019, says that the region's share of global gross domestic product surpassed one third in 2018 while the region's role in global value production chains and as a destination for higher-value products is also expanding.

Asia and the Pacific generated 36.1 percent of global merchandise exports in 2018, up from 28.7 percent in 2000.

The report says that Asia and the Pacific's share of global gross domestic product (GDP) at Purchasing Power Parity (PPP) has increased steadily, from 30.3 percent in 2000 to 42.8 percent in 2018, exceeding that of Europe and North America combined.

"Key Indicators 2019 shows that the Asia and Pacific region is increasing its strong contribution to the global economy and to the pursuit of the SDGs or the sustainable development goals," ADB Chief Economist Yasuyuki Sawada said.

Foreign direct investment (FDI) in Asia and the Pacific climbed to 541.9 billion U.S. dollars in 2017, more than tripling the amount of FDI in 2000, said the report.

Key Indicators 2019 data also showed a reduction in the number of people living in extreme poverty in Asia and the Pacific declining from 1.1 billion in 2002 to 264 million in 2015.

"The overwhelming majority of this decline occurred in East Asia, from 409 million people to 10 million, and South Asia, from 505 million to 202 million," the report says.

Covering the 49 regional members of ADB, the report, which has reflected the many changes that occur in the region over half a century, especially the development on many fronts, contains a comprehensive set of economic, social, and environmental statistics, including indicators of the SDGs.

Established in 1966, the ADB has 68 members, including 49 from within the region.

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