Journey of a powerful Asia

The US, Japan and EU together form 57% of the global economy while, they have only 14% of the world’s population, where China, India and Indonesia has 40% of the world’s population with 12% of global GDP. The youthful population and its literacy rate are the main factors which influence the economy.

The power shown by Asia in overcoming recession has actually shocked the world, when the rest of the world still faces economic crisis. The Asian industry will grow in the energy, agribusiness, food retailing, environment business, automobiles, and housing sectors.

The Asian food demand will double, and it may reach US$3 trillion by 2020. The food consumption by 2020 will grow nearly 80% as much as the US, up from 45% at present. This increased rate of consumption will lead to increased business opportunities in food retailing specifically groceries.

Compared to 2008, the present GDP has grown by 18% in Singapore and Malaysia, 14% in Philippines, 10% in Hong Kong, Taiwan, Korea and Thailand, 29% in China and 25% in India. Amazingly GDP of US has not grown to the pre crisis level.

GDP of Asia will be 80% of the current GDP level of the US by 2020. By 2020 China will grow by 64%, India 17% and 6% growth will be from Indonesia. In 2020, these three countries will be the prominent players and they will contribute to the 87% of growth in Asia. By 2016 Asia’s GDP will match that of which will be US$17 trillion. By 2020 Asia will grow 17% more than the US.

Healthcare, Housing, Energy and Food, which are the pillars of consumerism, will grow more. Population will increase to 290 million people in major cities, including Shanghai, Mumbai, Jakarta and Bangkok

Average income of Singapore and Hong Kong was a quarter than that of the US. Today it is equal to the US and by 2020 and it is expected to be 25% than in the US.

So is it time for Asia  gain the control of the globe ?