News:Asian Development Bank(ADB) has released the updated economic outlook report.
- The report has used the data from the World Urbanization Prospects report that is released by the Department of Economic and Social Affairs of the United Nations.
Key takeaways from the report:
- The report has found that between 1970 to 2017, the urban population in developing Asia grew from 375 million to 1.84 billion.
- The global increase in urban population led by this region accounted for approximately 53%.
- The two thirds of the nearly 1.5.billion additional city dwellers in Developing Asia belong to India and China.
- Further,the report has said that the Developing Asia urbanised faster than the rest of the world not only in terms of absolute growth but also in terms of growth rate.
- The urban population in this region increased at an average 3.4% per annum from 1970 to 2017.
- This was much faster than the 2.6% in the rest of the developing world and 1.0% in the developed world.
What is developing Asia?
- Developing Asia’ refers to a group of 45 countries that are members of the ADB.
- It includes all of the countries in the continent of Asia except for the Middle East and excluding the Advanced Economies in Asia which are classified as Japan, Singapore, Hong Kong, South Korea and Taiwan.
About Asian Development Bank(ADB):
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.
- ADB is headquartered in Manila, Philippines.It aims to promote social and economic development in Asia.
- It assists its members and partners by providing loans, technical assistance, grants and equity investments to promote social and economic development.
- ADB has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- Japan and US holds the largest proportion of shares in ADB followed by China, India and Australia. ADB is also an official United Nations Observer.