The world enjoyed the great economic growth in early 2000’s with the aid of technological innovation, market system development, financial system development, and plenty of other factors. However, a lot of countries could not sustain their long term growth paths which we could observe trough periodic crises, such as global financial crisis in 2007 and the current European sovereign-debt crisis. These crises have caused tremendous adverse impacts throughout the world. Tens of Millions of people have lost their jobs because of these crises.
A business cycle is common for every country, yet the length of boom and bust has been shortened recently, indicating a more severe volatility of the economy. Such volatility in a country’s economic growth could dampen its long-term growth path, and the economic structure might be more fragile compared to those who embrace a sustainable growth. Therefore, the importance of sustainable development should have been taken into consideration for any country, as everyone could play a crucial role in developing a sustainable growth path.
During the period of “The Rising Asia”, there are several issues worth discussing. How Asia could foster its sustainable path of development, in order to promote soundness in the world economy? There are three main fundamental factors to be discussed; sociopolitical, economics, and environmental issues.