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This is the Asian century

Asia is on track to be the world’s center of gravity

Over the past 30 years, Asia has seen the growth of some of the world’s largest companies and substantially increased its contribution to global flows of trade, capital, talent and innovation. Twenty years ago, the region accounted for just under one-third of the global gross domestic product. By 2040, it is expected to exceed 50 percent. This shows just how far and fast the region has grown over the last few decades.

Although Asia is one of the most important markets for international companies, an interesting development is the region’s strengthening trade ties and cooperation among Asian markets. Today 52 percent of Asian trade is intra-regional, pointing towards a new trend of firms building self-contained regional supply chains to serve Asian markets. 

Here are some key numbers indicating that it truly is the Asian century:

  • By 2040, it is expected to account for 40 percent of world’s total consumption
  • Asia’s services trade is growing nearly two times faster than the rest of the world
  • 210 of the world’s 500 biggest companies by revenue were from Asia according to the 2018 Fortune Global 500 ranking
  • It accounts for half (2.2 billion) of the world’s internet users
  • The growing Asian middle class will exceed three billion by 2030, which will represent 66 percent of the projected five billion global middle-class population

Read more about the region’s impressive growth in this article: Asia’s future is now | McKinsey.

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