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Eight key conditions for economic development

Once, Asia was a region defined by poverty. One of the most important issues for the Asian Development Bank (ADB) when it was established in 1966 was agricultural assistance to safeguard people against hunger in a region with a large and increasing population. Nearly half a century later, Asia's amazing growth and successful poverty reduction have exceeded the most optimistic forecasts. The ratio of extremely poor people (with a per capita income of $1.25 or less a day in 2005 purchasing power parity terms) against the region's total population was 55% in 1990, but dropped to 19% by 2010. Similarly, its share of global GDP -- including Japan and Australia -- increased from about 15% in 1970 to over 30% by 2013. The 2008 global financial crisis did not derail the region's robust growth momentum.

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