Likewise, the area around Delhi in India, or Bangkok in this country, is quite bright, but there are plenty of darker areas as well. The third stylized fact relates to the heterogeneity in growth rate of per capita GDP. As I said, Asia as a whole has maintained a growth rate of about 4 percent for more than half a century, as shown in the left-hand-side panel of Chart 4. However, once we plot the growth rates of individual economies, the diversity in the nature of the region’s economic development becomes immediately apparent. The graph also reveals that there were shifts in the region’s “rising stars.” Japan recorded double digit growth in the 1960s, but its growth rate became subdued thereafter. Instead, the Asian NIEs took over the position of very rapid growth economies, followed by China more recently. If we redraw the picture, not against time horizons but against income levels, as shown in the right-hand-side panel of Chart 4, there emerges a pattern of development stages. Growth rate tends to become higher once a country makes the transition from the low-income to the middle-income stage. The growth rate reaches its peak when an economy is at the middleincome stage. After that, it tends to become slower, especially once a country enters the high-income stage. II. Three traps for growth  Can Asian countries sustain their rapid economic growth for the foreseeable future? If history is any guide, we could expect another rising star to emerge in Asia. It is by no means guaranteed, however.
Be assured that I am committed to supporting the implementation of the National Strategy on Financial Education through such campaigns. Ladies and Gentlemen The World Savings Day celebrations would not be successful without recognising individual and organizational contributions towards improving financial literacy in Zambia. In this regard, awards will be presented under nine categories namely: 1. Exceptional individual contribution to financial education, 2. Outstanding theme interpretation; 3. Exceptional leadership in financial literacy; 4. Champions award; 5. Most innovative financial education programme; 6. Outstanding financial literacy footprint; 7. Exceptional financial literacy media outreach; 8. Outstanding initiative by an educator; and 9. Best savings product of the year. I am delighted to grace this year's World Savings Day award presentation and wish the nominated participants all the best. In conclusion, I would like to thank the organisers and stakeholders under our partnership arrangement, in particular, the Bankers Association of Zambia, Securities and Exchange Commission, Pensions and Insurance Authority, Rural Finance Expansion Programme and DSIK for their continued support to the World Savings Day celebrations every year. THANK YOU  3/4  BIS - Central bankers' speeches  4/4  BIS - Central bankers' speeches