For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Asia On Track To Become The Centre Of Global Economic Activity: Report

|

A recent research by the Mckinsey Global Institute (MGI) supports forecasts by multiple financial services that see India beating the United Kingdom (UK) to become the world's fifth largest economy in the world. MGI also said that the country's GDP (gross domestic product) is poised to become double the size of Canada or Russia in the years to come.

Asia On Track To Become The Centre Of Global Economic Activity: Report
 

The research revealed Asia is now the centre of global economic activity. "The rise of Asia is happening faster than expected. Fast-followers are already industry leaders. The rural class is already the urban middle class. Asian cities are already international financial centres," MGI said.

McKinsey & Company, in partnership with the MGI, launched a new research-the Future of Asia, which examines how Asia will lead. It examined 71 developing countries in the world, of which 18 have been consistently posting robust economic GDP growth. It also found that all seven of the long term performers and five of the 11 recent out performers are located in Asia.

The research said that the future of the world economy can be understood be understanding Asia. The 21-st century will be characterized by a pivot towards Asia, it said. Business and market leaders will have to set their long-term strategies by getting an accurate picture of what Asia's future will look like.

The MGI research said that the continent is on track to top 50 percent of the global GDP by 2040 and drive 40 percent of the world's consumption. Further, as consumption rises, more of what is made in Asia will be consumed locally than exported to the West.

Read more about: asia gdp economy
Story first published: Monday, July 15, 2019, 16:20 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more