I will then briefly examine the prospects and challenges that face our region in moving forward in this age of globalization and integration to bring prosperity to the lives of more than 1.5 billion ordinary people living in this region – more than one third of them living below the poverty line.
World economic growth was quite buoyant in 2004 recording 5.1 percent growth in World GDP – the strongest in three decades. It will moderate in 2005 but, to a more sustainable level of 4.3 percent. Growth has been strong in most emerging economies led by China. Inflationary pressures remained subdued and monetary tightening underway in most countries will keep these pressures well contained.