Their average annual per capita growth rates of 6-8% are historically unprecedented and greatly exceed those attained by the present advanced economies at their earlier stage of economic development by at least three folds. Similarly, ASEAN-5 experienced growth rates of more than doubled that of world average during the past two decades. Nevertheless, Asia's growth path is no different from those of the other economies. Asia too follows a similar industrialisation process of moving from traditional to  BIS Review 130/2009  1  modern activity, from the production of low value-added goods to incrementally higher valueadded products to eventually the services sector. What makes Asia different, however, is that this process has been considerably accelerated. The success of Asia has not been a result of one single factor, but instead, a confluence of factors that has promoted, facilitated and driven economic development. Given the immense diversity of the continent, it would not be possible to draw on exact and specific development strategies that have contributed to the rapid economic progress and transformation. Nevertheless, four general but salient features have been critical in the development strategies of most of the Asian economies. First, sustained economic growth has always been given a steadfast priority in the Asian economies. The governments in most South-East Asian and East Asian countries have focused on institution-building and promoting industrialisation. Institutions have been established to plan, drive and monitor the laying of necessary economic foundations, including enabling infrastructure, in the broader economy, while potential impediments have been addressed.

Conclusion In a short span of just fifty years, Asia, with its vast diversity in population, ethnicity, social structure and political regime, has made remarkable progress throughout the region. Despite broad and different challenges from urbanisation and rising income inequality to economic crises and social instabilities, Asia has time and time again risen to the occasion and resumed the economic progress. The “Asian miracle” was achieved not by chance, but by pragmatic policies, ensuring sound economic fundamentals and strong institutions. Today, a global shift, triggered by a severe global economic and financial crisis is resulting in an increasingly multi-polar world. In this new phase of globalisation, the concentration of economic power in the global economy will become more dispersed. Asia will very much be a part of this new emerging future. With growth in the advanced economies expected to remain slow and with the emerging economies increasingly becoming the growth centres in the global economy, Asia must review and accordingly change its existing development in this new environment. Of significance, strengthening of the domestic Asian economies supported by the necessary institutions, the further development of the financial markets, and greater regional financial integration that is reinforced with overall regional cooperation. As these trends become more pronounced, it will not only contribute towards unlocking Asia's full potential, but it will also contribute towards a more balanced growth in the global economy. References Asian Development Bank (ADB), 2008, "Emerging Asian Regionalism: A Partnership for Shared Prosperity".