The Asianized World Has Arrived
By 2040, Asia is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption. This progress reflects the integration of at least four “Asias,” each at a different stage of economic development – and each playing a unique role in propelling the region’s global rise.
SHANGHAI – In the nineteenth century, the world was Europeanized. In the twentieth century, it was Americanized. Now, it is being Asianized – and much faster than you may think.
Asia’s rise has been swift. Home to more than half of the world’s population, the region has climbed from low- to middle-income status within a single generation. By 2040, it is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption.
New McKinsey Global Institute research shows the extent to which the global center of gravity is shifting toward Asia. Today, the region has an increasing global share of trade, capital, people, knowledge, transport, culture, and resources. Of eight types of global cross-border flows, only waste is flowing in the opposite direction, reflecting the decision by China and other Asian countries to reduce imports of garbage from developed countries.
We hope you're enjoying Project Syndicate.
To continue reading, subscribe now.
Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.
Already have an account or want to create one to read two commentaries for free? Log in