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Ladies and Gentlemen,
   Today, more than 95 percent of Asians live in middle-income countries, compared to less than 10 percent 20 years ago. This remarkable shift was mainly driven by rapid economic growth in China, India, and Indonesia and other Asian countries. The challenge you face now is: Can Asia, which is largely a middle-income region, make a successful transition to high-income status? The experience of other developing countries in the last 50 years suggests this will not be easy. Brazil and Colombia have remained middle-income countries for decades without being able to move up further. Yet the transition of Singapore from a middle to a high-income country in only 25 years shows that it can be done.
   Investing in infrastructure remains critical as countries transition from middle to high income. But countries attempting this transition must make greater efforts to boost productivity growth; they should make more efficient use of inputs rather than simply increasing inputs. Over the past five decades, productivity growth has accounted for almost 30 percent of economic growth for those countries that transitioned to high income status. To boost productivity, Asia’s middle-income countries should focus on increasing innovation, developing high-quality infrastructure, and enhancing human capital. Innovation has become more important as an economy advances. Innovation creates more products and increases their value, which leads to higher productivity and better wages.
   Enhanced human capital, which means building a more skilled and knowledgeable workforce, is fundamental for an advanced economy. High quality human capital spurs growth and promotes equity. A recent study shows that a 20 percent increase in human capital spending can boost productivity by 3 percent and narrow the income gap by 4 percent. Middle-income countries have an average of just 6 years of schooling. They therefore need to close the education gaps with high-income countries, which average more than 10 years at school. But even more important is the quality of education. In math and science tests, 15-year-old students in advanced countries outperform those of middle-income countries. Students with strong abilities in reading, writing and solving problems are more likely to become innovators. There is a direct linkage between increase in funding for education and growth in GDP.
   Different countries prioritize different types of infrastructure. Low-income countries focus first on meeting such basic needs as water supply, public health and transport. As their economies grow, they attach more importance to electricity supply and information technology. Information technologies promote innovation by creating and spreading knowledge. Middle-income countries with more internet users do better than other middle-income countries in terms of innovation. By increasing investment in information technologies, countries can boost innovation and productivity, thereby lifting incomes.
   To encourage innovation and entrepreneurship, the Asian countries should also promote intellectual property protection and rule of law, better access to financing, and effective policies to encourage competition. Asia also needs to invest a total of $26 trillion from 2016 to 2030 in infrastructure so that it can ease the impact of climate change. To meet the needs, Asian countries should increase public funding through tax reform, change spending structure and borrow prudently. But funding shortages will remain. To address this issue, Asian countries should attract private foreign investment by improving their investment climate. They should forge partnership with private investors and offer higher returns to them. Let me conclude with this remark: Asia has already come so far so quickly. Joining high-income countries through sustained growth can be done. It’s the next natural step.