Growth Is Not Enough
The study’s main thrust is simple enough: growth, in and of itself, is no longer enough. The current development model has rendered the region over-dependent on export-led manufacturing, flush with foreign reserves that strain weak financial systems, and burdened by yawning income gaps and widespread environmental degradation—side effects of policies crafted to post the highest possible growth figure every year at whatever cost. “Asia will have to come to grips with different kinds of problems related to growth,” explains lead author Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development and head of the World Trade Organization from 2002 to 2005....