THE ROLE OF THE ASIA-PACIFIC REGION IN SUSTAINING GLOBAL DEVELOPMENT

Abstract

The Asia-Pacific region is witnessing a historic development. The diverse economies of East Asia and to some extent those of Western Pacific Basin, are undergoing rapid economic growth on a unprecedented scale, underpinned by trenchant domestic structural changes, political stability, and deepening intra-regional interdependence.

This perpetual development has made Asia-Pacific the fastest growing and most dynamic region in the world today, and even well into the next century as some see it. Given the robust economic prospects of East Asia and the promising potential for greater growth for the region, it is the belief of many that the Asia-Pacific region will and can become the dynamic locomotive engine of growth of the world economy. It is not the purpose of the thesis to justify this belief. Rather, the interest and aim and aim of the paper is to critically explore and evaluate the underlying premises that govern the confidence and optimism surrounding the prospects of the Asia-Pacific region. Attention will be focused on some salient features which contribute to the validity of these premises. The prospects of the Asia-Pacific region therefore lies in the presence of these certain fundamental conditions, in a changing and uncertain global environment.