Conference Highlights Asia’s Advancing Role in the Global Economy

Asia has shown remarkable resilience and remains a key growth center

Bold reforms tailored to country circumstances needed to unlock Asia’s potential

Region welcomes expansion of IMF capacity building activities

“The region’s dynamism presents an historic opportunity to invest now for the future—and to advance Asia,” said IMF Managing Director Christine Lagarde in opening remarks. “Doing so will not only put Asia on the path to sustained growth, but also strengthen its role in the global economy,” she noted.

“Asia is a ray of hope for global economic recovery,” added Indian Prime Minister Narenda Modi. “The twenty-first century is, and will be, the Asian Century.”

Over the past 15 years, economies in Asia have become stronger—the region accounts for 40 percent of the global economy and contributes about two-thirds of global GDP growth—and social progress and poverty reduction have seen significant improvements.

While Asia remains the most dynamic part of the world economy, its growth momentum has cooled, reflecting among other things a more challenging global environment. Participants at the three-day conference “Advancing Asia: Investing of the Future” examined the main economic and social challenges facing the region, and looked at ways that economic policy can boost potential output and advance employment growth and social progress more widely.

The March 11-13 conference, held in New Delhi, India, and jointly sponsored by the IMF and the Ministry of Finance of India, brought together over 400 people from 30 countries spanning Asia and the Pacific, and included senior officials, policy makers, prominent academics, opinion leaders, financial sector executives, and civil society representatives to discuss the future of the region.

New push to build capacity

During the opening session of the conference, the IMF and Government of India also announced the opening of the South Asia Regional Training and Technical Assistance Center (SARTTAC) in New Delhi next year. The new center will offer a fully integrated training and technical assistance center serving Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka.

In announcing the SARTTAC, Prime Minister Modi said: “The Fund has built up an immense stock of economic expertise. All its members should take advantage of this. All of us need to pursue policies that provide a stable macroeconomy, enhance growth and further inclusion. The Fund can be of great assistance in this. Apart from...