![]() ![]() ![]() By 2040, Asia could account for 39 percent of global consumption. On consumption, in 2000 Asia accounted for 23 percent of the global total, rising to 28 percent in 2017. In real GDP terms, Asia’s share was 34 percent in 2017, and is expected to hit 46 percent by 2040. In contrast, Europe’s share declined from 26 to 22 percent, and North America from 25 to 18 percent from 2000 to 2017. This share increased to 42 percent in 2017 and is on course for a share of about 52 percent by 2040. In 2000, Asia accounted for 32 percent of global GDP in terms of purchasing power parity. Despite short-term concerns about trade tensions and the deceleration in China’s growth rate, Asia’s medium- and long-term prospects appear robust.Īsia’s rise to global significance is apparent in major macroeconomic indicators including GDP and consumption. The paper is one of a series on the Future of Asia, a multi-phase research project that aims to decipher the many facets of Asia.Īlthough doubtless there will be challenges ahead including the potential for financial risk, growing inequality, and institutional gaps relating to the rule of law and corruption, Asia’s rise looks set to continue. ![]() This new paper builds on the McKinsey Global Institute’s research on globalization in January 2019 by examining Asia’s rise on eight dimensions incorporating 16 types of flow, looking at the increasing integration of the economies of the region, and highlighting the development of three powerful new Asian networks: industrialization, innovation, and culture and mobility, and the rising cities that are pivotal components of those networks. Patterns of globalization are shifting, and these shifts are occurring faster in Asia than elsewhere, suggesting that more than any other region, Asia could shape the way globalization unfolds in the years to come. This is a diverse region, but its different parts have complementary characteristics, and powerful networks are developing within Asia. Global cross-border flows are shifting towards Asia on seven of eight dimensions, and the region’s growth is becoming more broad-based and sustainable as its constituent economies increasingly integrate with each other. By 2040, the region could account for more than half of global GDP and about 40 percent of global consumption. Asia is increasingly the center of the world economy. ![]()
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