An Asia producing more than half of global GDP? Three billion Asians considered part of the "rich world" by 2050? A dream or plausible reality?

It could happen if the region's economy keeps growing at its current rate and if new Asian generations grab the baton and run with it.

That baton, however, could be a very slippery one. There are several daunting multigenerational challenges and risks that must be overcome along the way.

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It is true that developing Asia led the world out of its worst recession since World War II. And it is true that the center of economic gravity appears to be shifting toward Asia.

So an Asian century is certainly plausible. But Asia's rise is by no means preordained.

Asia's march toward prosperity and the freeing of the region from extreme poverty will require much more than simply high growth. Yawning inequalities must be narrowed. And as home to more than half the world's population, Asia must confront a massive wave of urbanization and grapple with changing demographic profiles.

Asia's long-term competitiveness will depend heavily on the intensity of its resource use, including resources such as water and food, and an ability to manage the region's carbon footprint. It is in Asia's best interest to encourage and invest in innovation and clean technology to maintain its impressive growth momentum.

These challenges are anything but mutually exclusive. Asians are addressing these challenges by continued improvements in productivity, taking steps to tackle climate change and focusing on inclusive growth. But the list of challenges is long and if left unattended could deprive millions of Asians the opportunity to participate in the region's progress.

These risks not only reinforce one another, but also could exacerbate existing tensions or create new conflicts. If not managed intelligently, they could threaten the hard-earned gains of the past 40 years, and undermine the huge potential gains possible in the next 40 years.

Asia must learn from history. Perhaps the most important lesson is to avoid the mistakes that countries or regions in the past have made after an unprecedented era of rapid growth and industrialization.

Fast growing economies like China, India, Indonesia and Vietnam cannot afford to fall into a middle-income trap - moving from resource driven growth with cheap labor and capital to growth with high productivity and innovation.