The Impoverished “Asian Century”
Western anxieties about an "Asian century" stem largely from the precedent of twentieth-century geopolitical structures, in which the West dominated less-developed nations. But this geopolitical dynamic is outdated, and Asia would suffer as much as the West from attempting to emulate the Western consumption-led economic-growth model.
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HONG KONG – By 2050, Asia will have more than five billion people, while the European Union’s share of the global population will decline from 9% to 5%. Annual economic growth in Asia over the past 30 years has averaged 5%. Its GDP is projected to increase from $30 trillion to about $230 trillion by 2050. The balance of power in the twenty-first century is shifting – in social, economic, and, arguably, political terms – from west to east.