Asia’s New Growth Model
Emerging markets’ share of the global economy has risen steadily, led by Asian economies – home to almost three-fifths of the world’s population. If these economies take roughly the same route as their predecessors to advanced-country status, the impact on natural resources and the environment would be enormous – and probably disastrous.
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MILAN – Led by Asia, the share of the global economy held by emerging markets has risen steadily over recent decades. For the countries of Asia – especially its rising giants, China and India – sustainable growth is no longer part of a global challenge. Instead, it has become a national growth-strategy issue. This marks a sea change in the global structure of incentives with respect to achieving sustainability.