As reaffirmed in a recent report from the Asian Development Bank (ADB), “Asia’s economies are increasingly vital to each other and to the world. Asia’s output today roughly equals that of Europe or North America, and may well be 50 per cent larger than theirs by 2020, in terms of purchasing power parity.” Moreover, with both the US and Europe continuing
to post a low GDP growth of 1-2.5 per cent annually, the centre of the recovery has decisively shifted to Asia.