Asia's poor have yet to fully benefit from the region's robust growth The ADB added income levels in Asia could match those in Europe today.
However, it warned that challenges such as widening income gaps and corruption posed a threat to the region's growth.
"By nearly doubling its share of GDP to 52% by 2050, Asia would regain the dominant economic position it held some 300 years ago, before the industrial revolution," the bank said.
Inclusive growth While the growth of Asian economies has turned them into major global players, the benefits of expansion have yet to pass fully to the poor and underdeveloped regions.
The ADB said reducing disparity was key to the region's ability to maintain its growth momentum.
"All Asian countries must give much higher priority to inclusion and reducing inequalities - rich/poor, rural/urban, literate/illiterate, and along gender and ethnic lines," it said.
The bank explained that countries in the region needed to reduce not only the widening income gap, but also work towards ensuring equal opportunities of employment and access to resources for the masses.
ADB warned that if this was not addressed in time, rising income disparities across countries "could destabilise the region".
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