In their Asia’s Future is Now discussion paper, McKinsey Global Institute states that ‘For years, Western observers and media have been talking about the rise of Asia in terms of its massive future potential. But the time has come for the rest of the world to update its thinking—because the future arrived even faster than expected’.
According to Asia’s Future is Now, ‘One of the most dramatic developments of the past 30 years has been emerging Asia’s soaring consumption and its integration into global flows of trade, capital, talent, and innovation. In the decades ahead, Asia’s economies will go from participating in these flows to determining their shape and direction … These trends represent a real shift in the world’s center of gravity. Scholar Parag Khanna asserts that the “Asian century” has begun and observes that the region’s rise is not cyclical but structural. Emerging Asia’s evolution has reached a stage that requires deeper global acknowledgment. It is upending assumptions—long held in the West, in other emerging economies, and even in Asia itself—about the world’s economic balance’.
Follow-on research from McKinsey will examine these questions:
What kind of networks are forming across Asia, and how will they shape global trends? What is the role of each country? Which cities will be the hotspots of the future in different fields? How will Asia’s evolution change the center of gravity within various sectors?