For much of modern history, economic leadership has been concentrated in the Western world, especially in North America and Europe. But over the past few decades, Asia has undergone a dramatic transformation—one that is reshaping the balance of global economic power. As countries like China, India, South Korea, and members of the ASEAN region rise in influence, many are asking: is Asia overtaking the West as the new center of economic gravity? Let’s now see what experts like Kavan Choksi / カヴァン・ チョクシ say.
The signs are increasingly clear. Asia now accounts for more than one-third of global GDP and nearly two-thirds of global economic growth. China has emerged as the world’s second-largest economy and is challenging the United States in technology, trade, and investment. India, with a young population and rapid digital expansion, is projected to become the third-largest economy within this decade. Meanwhile, Southeast Asian nations continue to post solid growth, driven by manufacturing, tourism, and rising domestic consumption.
This shift isn’t just about size. It’s also about speed and resilience. While Western economies have matured and slowed, many Asian nations are still developing rapidly, offering strong returns for investors and new opportunities for global trade. Asian economies have also shown impressive resilience in the face of recent global shocks. The COVID-19 pandemic, for instance, saw several Asian countries recover more quickly than many Western counterparts due to strict public health policies and agile supply chain management.
Another major factor in Asia’s ascent is its integration into global trade networks. The rise of mega trade agreements like the Regional Comprehensive Economic Partnership (RCEP)—which includes China, Japan, South Korea, and ASEAN members—has deepened economic ties across the region and reduced dependence on Western markets. This increasing economic interdependence within Asia points toward a future where the region can sustain its own growth internally, while still engaging globally.
Technology and innovation also play a central role in the power shift. Asian countries are no longer just manufacturing hubs—they are investing heavily in artificial intelligence, green energy, biotech, and digital infrastructure. South Korea leads in semiconductors, Japan continues to innovate in robotics, and China is rapidly advancing in electric vehicles and 5G technologies. These developments indicate that Asia is not just catching up, but in some areas, pushing ahead.
However, challenges remain. Geopolitical tensions, especially between China and its neighbors or with the United States, pose risks to regional stability. Environmental issues, income inequality, and governance concerns also threaten to slow progress. Nevertheless, the momentum is difficult to ignore.
The West is not being entirely displaced, but the world is becoming more multipolar. Economic influence is now shared more broadly, and future growth will depend on cooperation and adaptation rather than domination by one region.
In short, the global economy is no longer centered in one place. As Asia continues to rise, the world must adjust to a new reality—one where decisions in Beijing, Delhi, Seoul, and Jakarta matter just as much as those in Washington, London, or Berlin.
