An ADB report Asia-2050 said Asia could account for over 50 per cent of the world GDP by 2050, up from 35 per cent at present.

Under the best case scenario, a report prepared by the multilateral lending agency Asian Development Bank (ADB), said Asian nations would account for 52 per cent of the global economic output , followed by Europe at 18 per cent and North America at 16 per cent by 2050.

"The Asian century will be driven by Asia 8: India, Indonesia, Japan, Malaysia, China, Korea, Thailand and Vietnam," the report said, adding these would account for 95 per cent of Asia's growth between 2010-2050.

ADB said Asia could re-emerge as engine of global growth by 2050 with improved economic collaboration among India , China and Japan giving special attention to investment in regional transport and communication infrastructure.

The report, however stressed the need for Asia to give significant attention in addressing issues concerning climate change and disaster preparedness.

The report said, "Asia must act and be seen as a responsible and collaborative global citizen. Its stance on climate change requires a fundamental reassessment."

It said that climate change will cause substantial damage to Asian economies unless Asia acts. It cited Shanghai, Kolkata, Bangkok and Manila as among Asian cities most vulnerable to catastrophic flooding. #30