Australian aid in the Asian century

World politics Australia Asia

Developing countries in Asia are growing steadily--in some cases rapidly--and becoming increasingly affluent.

China, India, Indonesia, Timor Leste, Vietnam, and Lao PDR, all of which were classified by the World Bank as 'low-income' countries (LICs) at some point in the late 1990s/early 2000s, have now graduated to 'lower middle income' (LMIC) status. The international consulting firm Price Waterhouse Coopers (2009) has estimated that in 2050 China will have the largest economy in the world, India the second or third largest, Indonesia one of the 10 largest, and Vietnam one of the 20 largest.
Other developing countries in Asia that have not yet graduated to LMIC status such as Cambodia and Bangladesh are also growing well, the former in particular. While the performance of the region vis-a-vis the Millennium Development Goals (MDGs) has varied considerably depending on the goal and the country, the region is nevertheless on track to meet most of the goals related to the eradication of extreme poverty and hunger. So dramatic has been the overall change within the region that some countries--most notably, China and India--have gone from being aid recipients to donors and are widely touted as 'rising powers'.

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