Asian Development Bank predicts that Asia will account for over half of the world’s GDP by 2050, which analysts are calling as the beginning of the ‘Asian Century.’
China and India are both seen to be the leaders of the new economic century as a result of discontent among Western countries including Britain’s recent exit of the European Union.
Britain’s exit has opened the possibility of other EU countries also departing. Neelam Deo, former ambassador and director at Gateway House, said that the old institutions that were set up after World War II to entrench Western power will be impacted by Brexit. He adds that the old system that designed to keep the West rich and safe is under threat.
The ‘American Century’ which took place after the second world war will slowly be pushed out with Russia’s resurging economy which also boasts of close ties with China and India. China, the world’s second-largest economy, is set to overtake the US economy in a decade while India is expected to become the world’s most populous nation by 2022. Both are considered to be the rising stars of the new economic century.
Philippines and Indonesia are also growing at around 5 percent a year while Europe still remains economically sluggish.
