Chapter 3: The rise of Asia
Profound transformational changes have been occurring in the Developing Asia countries over the past six decades. The pace of these changes have notably accelerated in the past two decades with the outstanding economic performance of the two giants, China and India, which together account for over one third of the world’s population. These changes have ushered in a new era of Asia’s ascent, which is expected to have powerful and unprecedented impacts on the world economy and on every nation’s economic prospects. There has been a wealth of studies discussing the rise of Asia in the global economic landscape and projecting its potential impact in the future. Kawai and Petri (2010) observed that the growth of emerging and developing economies tended to be higher than that of advanced economies in the 1970s. However, the gap narrowed over time and essentially disappeared between 1985 and 1995. Since the second half of the 1990s, the growth of emerging and developing economies has been rising, while that of advanced economies has been declining.
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