The economic power is shifting to Asia
Mr Spohr set the context for Lufthansa's business with a reminder of how the economic power is shifting to Asia. He highlighted the superior growth of Asian economies, in particular India and China (and also, to a lesser extent) of Latin America, relative to Europe (see graphic below). This is giving rise to new centres of power and consumer groups.
By 2020, he said, more than 50% of the world's middle class would be located in Asia.