📆 Monday, December 15, 2025

• Senior government official, Ministry of Finance, Japan
• Tetsushi Sonobe, President, Japanese Association for Development Economics (JADE) and Professor, National Graduate Institute for Policy Studies (GRIPS)
• Bambang Brodjonegoro, Dean, Asian Development Bank Institute (ADBI) 

• Somik Lall, Senior Adviser to the WBG Chief Economist, the World Bank Group and Co-Director, Growth Academy 
• Ufuk Akcigit, Arnold C. Harberger Professor of Economics, University of Chicago; Co-Director, Growth Academy 

The keynote session highlights Japan’s experience of rapid economic growth and transition to a regional and global economic leader. It examines the drivers behind its successful transition, including innovative management practices, industrial development, integration into global value chains, and resilient financial systems. Drawing on insights from leading researchers in development economics, international trade, and finance, the session reflects on how Japan’s experience offers valuable lessons for countries seeking to escape middle-income trap and achieve sustained economic growth.

• Keijiro Otsuka, Emeritus Professor, National Graduate Institute for Policy Studies (GRIPS), Japan 
• Fukunari Kimura, President, Institute for Developing Economies (IDE)-JETRO
• Kenichi Ueda, Director, Center for Advanced Research in Finance (CARF), University of Tokyo

Asia’s growth story is not a single narrative but a tapestry of diverse voices, pathways, and policy choices. While common challenges persist, countries pursue growth through different structures and strategies. This session will convene leading thinkers and policymakers to examine how to adapt the lessons from the World Development Report 2024 (WDR2024) on the middle-income trap. Particularly, the discussion will focus on how best to customize the WDR2024 into Asian context, explore what comes next for Asia, and deliberate on how the region’s next growth story will help shape the future of the global economy.

Presenter:

Somik Lall, Senior Adviser to the WBG Chief Economist, the World Bank Group and Co-Director, Growth Academy

Panelists:

• Indermit Gill, WBG Chief Economist and Senior Vice President for Development Economics
• Erik Berglof, Chief Economist, Asian Infrastructure Investment Bank
• Aya Suzuki, Senior Vice Rector, United Nations University, and Professor, Department of International Studies, Graduate School of Frontier Sciences, University of Tokyo
• Jose Ramon Albert, Senior Research Fellow, Philippine Institute for Development Studies, the Philippines
• Darbayev Assan, Vice-Minister of National Economy of the Republic of Kazakhstan
• Boediono, Economist and former Vice President of Indonesia, Indonesias

Chair:

Wempi Saputra, Executive Director of the Office Executive Director of the World Bank Group of Southeast Asia

📆 Tuesday, December 16, 2025

This session delves into the micro foundations of economic growth — how business dynamism, firm entry and exit, and distortions at the firm level shape productivity and aggregate growth outcomes. Drawing on research on entry barriers, firm-size distributions, and dynamic models of innovation and reallocation, the session will unpack why some economies struggle to grow despite capital accumulation, and how well-targeted reforms can reignite productivity.

Presenter:

Ufuk Akcigit, Arnold C. Harberger Professor of Economics, University of Chicago; Co-Director, Growth Academy

Panelists:

• Jaehan Cho, Director of Industrial Innovation Policy Division, Korea Institute for Industrial Economics & Trade (KIET)
• Yukiko Saito, Professor, Faculty of Political Science and Economics, Waseda University
• Aladdin Rillo, Managing Director for Policy Design and Operations, Economic Research Institute for ASEAN and East Asia (ERIA) 
• Rachita Gulati, Research Economist, Asian Development Bank Institute 

Chair:

Hisaki Kono, Professor, Graduate School of Economics, Kyoto University, Japan 

As Asia’s middle-income economies face tightening global constraints and diminishing returns to traditional growth strategies, the challenge ahead is no longer “just invest more” — but rather to create a dynamic trajectory through technology adoption, infusion, and ultimately endogenous innovation. This session will critically engage the “3i” framework advanced in the World Development Report 2024 — investment, infusion, and innovation — and explore what the next phase of policy, institutional, and business action looks like in practice for Asian economies.

Presenter:

Younghun Shim, Economist, the International Monetary Fund

Panelists:

• Keun Lee, Professor of Economics, Seoul National University
• Daokui Li, Professor of Economics and director of the Center for China in the World Economy, Tsinghua University's School of Economics and Management (China)
• Jose Ramon Albert, Senior Research Fellow of the Philippine Institute for Development Studies, Philippines
• Rachel Gong, Senior Research Associate, the Khazanah Research Institute, Malaysia 

Chair:

Ohno Izumi, Professor at the National Graduate Institute for Policy Studies (GRIPS); Senior Research Adviser, the Japan International Cooperation Agency (JICA) Ogata Sadako Research Institute for Peace and Development.

Middle-income countries have smaller reservoirs of skilled talent than advanced economies and are also less efficient at utilizing them. Barriers such as social background and institutional inefficiencies prevent many workers from matching their abilities to suitable jobs, limiting productivity and growth. This session will explore the challenges and opportunities in fostering an environment where talent is recognized and rewarded, and discuss strategies and policies to allocate talent and human capital more efficiently.

Presenter:

Roberto N. Fattal Jaef, Senior Economist, Development Research Group, the World Bank Group

Panelist:

• Jahen F. Rezki, Vice Director of Research, Institute for Economic and Social Research, Faculty of Economics and Business, University of Indonesia, Indonesia (confirmed)
• Calvin Cheng, Director, Economics program, Institute of Strategic & International Studies, Malaysia (confirmed)
• Ayako Kondo, Professor, Institute for Social Science, University of Tokyo, Japan
• Kyetaik Oh, Senior Economist, Korea Labor Institute

Chair

Yasuyuki Sawada, Vice President, Japanese Association for Development Economics (JADE) JADE; Professor, University of Tokyo, Japan (confirmed)

This session will explore the vital connection between energy systems and long-term economic growth. It will show how improving energy efficiency, restructuring incumbent energy systems, and fostering contestable markets are essential for sustaining growth. The discussion will also highlight how distortions in energy markets, persistent subsidies, and the slow spread of clean technologies can impede progress and lock economies into carbon-intensive trajectories. Finally, the session will underscore the importance of regional cooperation in driving efficient, low-carbon growth across borders.

Presenter:

Maria Vagliasindi, Lead Economist, Infrastructure Practice Group, the World Bank Group (confirmed)

Panelists:

• Zulfikar Yurnaidi, Manager of Energy Modeling and Policy Planning, ASEAN Centre for Energy (confirmed)
• Umid Abidhadjaev, Deputy Minister, Ministry of Economy and Director, Institute of Macroeconomic and Regional Studies (IMRS), Uzbekistan (confirmed)
• Abid Qaiyum Suleri, the Executive Director of the Sustainable Development Policy Institute, Pakistan (SDPI) (confirmed)
• Yukari Yamashita, Managing Director, Energy Data and Modelling Center, The Institute of Energy Economics, Japan

Chair:

Somik Lall, Senior Adviser to the WBG Chief Economist, the World Bank Group and Co-Director, Growth Academy (confirmed)

• Indermit Gill, Chief Economist and Senior Vice President, World Bank Group (confirmed)