What Asia’s economic revolution means for the world

Links between the region’s countries are getting stronger. But America’s loss is not entirely China’s gain


  • by
  • 09 21, 2023
  • in Leaders

The phrase “factory Asia” describes one of history’s most impressive economic achievements. Over the past half-century Japan, South Korea, Taiwan and, more recently, China became bustling hubs for manufacturing goods, which they then exported to the rest of the world, especially the well-off West. Millions of Asians escaped poverty by making stuff; many grew prosperous. Now the region’s economic model is shifting again, with consequences for Asia and for the world.Asia’s long manufacturing boom fostered a wave of trade integration. In 1990, 46% of Asian trade took place within the region. By 2021 that figure had risen to 58%, making it the most integrated continent after Europe. As Asia has become richer and its firms more muscular, investment flows are becoming more regional, too.

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