This article is by: McKinsey & Company
Read more about it here: Asia's Future is Now
An excerpt from McKinsey & Company:
In the decades ahead, Asia’s economies will go from participating in these flows to determining their shape and direction. Indeed, in many areas—from the internet to trade and luxury goods—they already are. The question is no longer how quickly Asia will rise; it is how Asia will lead.
The common thread across this diverse region is an upward trajectory across key economic and social indicators. In 2000, Asia accounted for just under one-third of global GDP, and it is on track to top 50 percent by 2040. By that point, it is expected to account for 40 percent of the world’s total consumption. Asia is making not only economic progress but rapid strides in human development, from longer life spans and greater literacy to a dramatic surge in internet use.
The region’s rise has not only lifted hundreds of millions out of extreme poverty; it has also raised living standards more broadly for people of every income level. Urbanization is fueling economic growth and opening doors to education and public health services.
In the 2018 Fortune Global 500 ranking, 210 of the world’s 500 biggest companies by revenue were Asian. Asia’s share of the top-performing firms globally has also increased from 19 percent to 30 percent over the past two decades. McKinsey Global Institue also looked more broadly at the 5,000 largest global firms. In 1997, Asia accounted for only 36 percent of them, but by 2017, that share was up to 43 percent.
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