There is no magic bullet that can ensure emerging Asian economies actually emerge and live up to their huge promise. But, given the marked economic slowdown that hit key countries well before the pandemic, a radical reconsideration of capital-account management would be a good place to start.
NEW DELHI – This was supposed to be the Asian century, with the ascent of China being only one – albeit a major – part of the story. The rest of it was going to be about other rising regional stars: potentially huge economies like India, rapidly industrializing upper-middle-income countries such as Malaysia, strategically significant exporters of minerals and other raw materials like Indonesia, and some relatively new kids on the block, including Vietnam and Bangladesh.
NEW DELHI – This was supposed to be the Asian century, with the ascent of China being only one – albeit a major – part of the story. The rest of it was going to be about other rising regional stars: potentially huge economies like India, rapidly industrializing upper-middle-income countries such as Malaysia, strategically significant exporters of minerals and other raw materials like Indonesia, and some relatively new kids on the block, including Vietnam and Bangladesh.