Behind ADB forecast for Asia, a warning

Here's the good news. By 2050, Asia could account for more than 50% of the world economy, with regional GDP around $174 trillion. This is not just in gross GDP terms but should also include a substantial rise in per capita incomes, reaching $40,800 on average. In other words, there will be no more poor countries in Asia, bar one or two isolated losers such as North Korea. Here's the bad news. By 2050, Asia could remain stuck in a 'middle-income trap', not a failure but certainly a…