ASIA: THE WORLD LOOKING IN
What next for the Asian tigers? Asia was the poorest continent on the planet 40 years ago – twice as poor as Africa is today – as a continent, it now has the fastest growing economy and is twice as rich as Africa. By 2020, it is projected that the countries of Asia will represent almost half of the world’s economy, with growth largely driven by China. A recent report from PricewaterhouseCoopers found that almost 60% of multinational firms surveyed have their regional headquarters in Singapore - but what about the other nations of Asia?
Global perceptions of the region tend to be limited to an expectation of cheap manufacturing and tourism, and the economic giants of India and China threaten to overshadow the potential of their neighbours. But as the developed economies of the Western World continue to struggle with financial crisis, more investors and multinationals are seeking to explore beyond the obvious opportunities of the larger Asian states and are keen to understand the undeveloped potential of the wider region.
ASIA: REACHING OUT TO THE WORLD
Asian nations successfully conquered the financial crisis of 1997, but will the same approach lead them through the current crisis? As global recession hits export markets, the nation brands of Asia are reorganising- shifting away from export-led development and focusing on internal markets. Will this strategy lead to a rejection of globalisation? With the shift in global power from the West to Asia, all Asian nations are seeking to engage with region’s giants India and China- keen to ensure that the emergence of these new superpowers is more of an asset than a threat.
With a growing consensus to promote regional unity, the opportunities for Asia are clear. However, the diversity of the region poses a challenge. How will the governments of oil-rich Brunei, military-ruled Myanmar, poverty-stricken Cambodia and more advanced economies like Japan and Korea build up their individual brands to the overall benefit of the region?
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