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The rise of Asia

The transformation of Asia reflected in its demographic transition, social progress, and economic development, has been phenomenal. During 1970–2016, growth in GDP and GDP per capita in Asia was much higher than elsewhere in the world economy. Its share of world GDP rose from less than one-tenth to three-tenths. Its income per capita converged towards the world average. Its share in world industrial production jumped from 4 per cent to 40 per cent. This provides a sharp contrast with the precipitous decline of Asia in the world economy during the colonial era. For Asian countries, political independence, which restored their economic autonomy and enabled them to pursue their national development objectives, made this possible. However, economic and social development was most unequal between the constituent sub-regions of Asia. East Asia was the leader and South Asia was the laggard, with Southeast Asia in the middle, while progress in West Asia did not match its high income levels.