The re-emergence of Asia as the economic hub of the world is one of the most important shifts that we will witness in our lifetimes. Asia, which bossed the world economy before the Industrial Revolution, had taken a back seat after the economic boom of the West.
However, due to efforts of China, the baton of economical prowess is coming back to Asia, and the continent is positioned for economic glory.
While we have already seen significant progress, it is believed that next year, we’ll see the purchasing power parity of Asian economies overtake that of the rest of the world combined. This will happen in over 2 centuries. Asia is growing richer, and the good thing is that all of this is happening in an integrated manner. Asia is coalescing in a constructive manner to become the next force to be reckoned with.
If this century is to be known as the century of the Asians, then the credit of this will fall on the shoulders of China and how it has brought together the whole continent. The One Belt and Road Initiative has reinvigorated the Silk Route of the past and has given Asians plenty to rejoice about.
The revival of China’s relationship with India, Japan, South Korea, Pakistan, and other Southeast Asian states has come as a wave of fresh air.
China’s role in Asia is clear to all, but since this a multi-polar century of effort, no single nation can take the entire credit.
Economically, China is expected to remain the engine that powers Asia’s growth. China’s contribution to the world economy and growth is expected to rise over 28 percent by the end of 2023. The flow of goods through China and its neighbors will modernize all economies across Asia. Local communities and producers will see multiple opportunities to broaden their production facilities and sell globally.
Infrastructure gaps currently act as barriers to success, but with proper implementation of ideas, these barriers can be reduced and the One Belt and Road Initiative can open contact across the whole of Asia. A study by the World Bank predicts that if the One Belt and Road Initiative is fully implemented, it will increase global trade between 1.7 percent and 6.2 percent.