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In the late 1960s, the Swedish economist Gunnar Myrdal wrote of his deep pessimism about Asia’s economic prospects. At that point it was the world’s poorest continent, devastatingly underdeveloped. But in the 50 years that followed, Asia’s developing economies went through a profound economic transformation.
By 2016, writes Deepak Nayyar, Asia accounted for 30% of world income, 40% of world manufacturing, and over one-third of world trade. Despite the continent’s diversity, he explains the common patterns that drove Asia’s economic resurgence – and what the future holds.
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By sladkozaponi/Shutterstock
Deepak Nayyar, University of Oxford
As a hugely diverse continent, one thing has united Asia in the last 50 years: economic development.
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