Asia Connected: How Asia Decoupled on the Quiet
The recent strategy report by Asianomics (Asia Connected: The Phase Transition of Economic Growth) looks at the factors behind Asia’s transformation from an export dependent part of the global economy to becoming the region driving economic activity.
In 2012 the Euro area, Japan and the US together combined to subtract US$289bn in nominal GDP from the global economy (exchange rate movements playing a large part). In 2013 the three developed country giants added just US$100bn in new growth. At the same time, the combined economies of China, India, Indonesia, Malaysia, the Philippines and Thailand added US$1136bn and US$1238bn, respectively, in these two years.
But if the developed world was not growing, how was Asia doing it? In our view, greater market connectivity is behind the growing independence – and it has a long way to run.
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Jim Walker is the Founder and Chief Economist of Asianomics Group Limited, an economic, corporate and technical analysis research and consultancy company formed in late 2007 which primarily serves the fund management industry.