Unlike their US and Western counterparts whose economies have been largely saddled by the global fiscal uncertainty, China and India, along with members of the ASEAN (Association of Southeast Asian Nations) group, have been forecast to continue their growth of momentum well beyond year 2030.

Haruhiko Kuroda, President of the Asian Development Bank (ADB), said he sees that countries in Asia and the Pacific will enjoy a strong 6.9 per cent GDP growth in 2012, which could further climb to 7.3 per cent next year, 2013.

"These three region and countries (India, China and ASEAN) are on a path to significantly improve the quality of life of their citizens--in aggregate approaching half of the world's population by 2030," Kuroda said before the 45th Annual Meeting of ADB's Board of Governors being held in the Philippines.

Taking his notes from a book launched by ADB and Asian Development Bank Institute, Kuroda pointed out that the collective national wealth of the ASEAN, plus China and India, could far surpass the combined wealth of the US and Europe by 2030.

"By 2030, China could reach high-income country status, while ASEAN as a whole and India would be close behind. The three could be home to the world's leading consumers, producers, savers, investors and financiers," Kuroda said.

The ASEAN is a geo-political and economic organization formed on 8 August 1967 by ten countries located in Southeast Asia, namely Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and VietNam.

But as with any projection to be attained, Kuroda noted the three region and countries, as early as now, should undertake steps to overcome potential future challenges as well as reduce possible economic risks and pitfalls, such as investments in education and infrastructure.