Manila, Jan. 15 -- : Sound economic policies and strong institutions have transformed Asia and the Pacific over the past five decades into a centre of global dynamism, according to a new book from the Asian Development Bank (ADB).

The book titled 'Asia's Journey to Prosperity: Policy, Market and Technology over 50 Years' explains the reasons for Asia's economic success while cautioning against complacency.

Developing Asia's share of global gross domestic product (GDP) rose from 4 per cent in 1960 to 24 per cent in 2018. Including Australia, Japan and New Zealand, the share increased from 13 per cent to 34 per cent.

During the same period, developing Asia's per capita GDP grew 15-fold (in constant 2010 dollars) from 330 dollars to 4,903 d...