Before Covid-19, Asian economies had already become the engine of global economic growth, driven by a potent mix of rapid urbanisation, technological innovation and ever-improving governance, and in the process unlocking the huge potential of their massive populations.
At risk of stating the obvious, Asia is huge. Nearly two-thirds of the world’s population live in Asia, some 4.6bn people. More than half of the world’s so-called megacities, with populations of over 10m people, are on the continent. And three of the world’s five largest economies are in Asia – China, Japan and India.
According to the World Economic Forum, Asia as a whole is expected to see its gross domestic product (GDP) grow this year to overtake the rest of the world combined, and by 2030 the continent is expected to contribute 60 per cent of global growth. And, importantly, it will be the source of a massive new middle class, adding the spending power of another 2.4bn well-off individuals to the global market for goods and services.