ABSTRACT
Asia’s share of the global economy in purchasing power parity terms rose steadily from 7 percent in 1980, to 21 percent in 2008, and to 38.8 percent in 2014. Asian stock markets accounted for 32 percent of global market capitalization in 2010 (ahead of the US at 30 percent and Europe at 25 percent) and 33.3 percent in 2016.2
Without doubt, the biggest single global shift reshaping the contours of the global economic map is the resurgence of East Asia to a position of global significance, commensurate with its importance before ‘the West’ overtook it in the nineteenth century. . . . The result is a shift in the center of gravity of the world economy, a shift that seems now to be on solid foundations and not a mere passing phase.3
