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Economy

Green finance, digitalization vital for Asia after COVID: report

U.K. think tank warns of 'middle-income trap' if challenges not addressed

A solar power plant in China's Shandong Province: Asia House says emerging economies need "unprecedented investment for energy transitions" away from fossil fuels.   © Reuters

SINGAPORE -- Emerging Asia is expected to be the world's fastest-growing regional economy in 2022, as it begins to shake off the impact of COVID-19. But a U.K. think tank says the region still needs effective policies to promote green finance and fill digital gaps if it is to spur development.

Otherwise, Asian countries could fall into the "middle-income trap," London-based Asia House warned in its annual outlook report issued late last month. The trap refers to a situation where a middle-income country fails to transition into a high-income one.

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