Amid a global shake-up in economies, Asia beckons

EVERY day, we are bombarded with headlines and news flashes. Reading these pings, we could all be forgiven for asking: "Will this year be any different from the last?" Covid-19 infection rates are hitting record highs, with travel restrictions being further tightened and jobless rates facing a lagged hit. The geopolitical landscape appears as febrile as ever.

Amid the lacklustre news flow, it is easy to overlook the profound shifts which are rapidly taking shape. Here in Asia, there are increasing reasons for optimism. Already home to over half of the world's population and a rising middle class, Covid-19 and geopolitics have accelerated seismic shifts in the region's business landscape, much of which are structural and enduring. Globalisation is giving way to regionalisation. Fundamental changes are happening in supply-chain approaches, trade pacts, digital and consumption patterns, and financial innovation.

Although Covid-19 set back progress, we have seen the region's policymakers act decisively to mitigate its impact, protecting economies from their worst ravages. As it stands, Asia is rebounding faster than the rest of the world. Research estimates Asia's growth at 7.5 per cent in 2021, with China and India leading at 8 per cent and 10 per cent respectively, spearheading the global economic revival.