Asia in the driver’s seat of globalization

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Repeated predictions of globalization’s demise—after 9/11, the 2008 financial crisis, Brexit, Trump, COVID, and current trade wars—have proven wrong, as global trade, capital, and ideas consistently rebound. Asia, not the West, now drives globalization through cross-border trade, investment, and industrial policy. The region’s economies are rapidly moving up the value chain, intensifying competition with traditional powers like the US and EU. Khanna frames the region’s rise as a multi-wave process: from Japan and the “tiger” economies to China and now South and Southeast Asia. Asia’s vast and youthful population gives it unmatched labor and consumption power, though climate risks could temper this advantage by affecting economic stability and driving migration. Despite diversity and rivalry, Asia has achieved significant cross-border infrastructure, trade, and investment integration, creating resilience and momentum for continued regional growth.

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