2. Transforming Asia: Realizing the Asian Century through Good Governance

Abstract

As developing Asia seeks to cement the gains from a decades-long economic boom and sustain its growth momentum, it will need to take bold action to address the plethora of governance challenges facing the region. Failure to address these challenges will lead to widened governance deficit in government, businesses and institutions. Policy prescriptions for good governance abound, but true change will need to come from within the region. There is no short-cut to building good governance. We believe that endogenous factors—changing demographics, increasing urbanization, an expanding middle class—will drive demand for good governance in the region. It is hoped that the new aspirations accompanying the prospect of realizing the Asian Century and attaining higher living standards as well quality of life will transform governance across the region.