New Delhi: Showing faith on Asia an Asian Development Bank (ADB) report has said that an improved economic collaboration among India, China and Japan can help in the global growth of the region by 2050.

The report also suggested that the development of Asia will account for over 50 per cent of the world GDP, up from 35 per cent, at present. The report, Asia-2050 was recently discussed at the Planning Commission.

Besides greater cooperation among the leading nations of India, Japan and China, the report also called for open trading system and peace and security for expediting growth.

"The Asian century (will) be driven by Asia 8: India, Indonesia, Japan, Malaysia, China, Korea, Thailand and Vietnam," the report said, adding these would account for 95 per cent of Asia's growth between 2010 and 2050.

During 16th and 17th centuries, before industrial revolution in Europe, Asia used to account for about 60 per cent of the world economy. Its share, however, dipped to a low of 15 per cent between 1950 and 1970.

"Asia began to re-emerge after 1950, spurred first by Japan, the Newly Industrialised Countries (NICs)...Starting in 1980s, first China then India, Indonesia and Vietnam, gave further boost", said the report.

The report suggested that for improving regional cooperation, Asia need to create an Asia-wide free trade agreement and reduce behind the borders barriers.

It also underlined the need for stepping up investment in regional transport and communication infrastructure and addressing issues concerning climate change and disaster preparedness.

The report also cautioned that climate change will cause substantial economic damages to Asia unless Asian economies act.

It also pointed out that cities like Shanghai, Kolkata, Bangkok and Manila were vulnerable to catastrophic flooding.