The future of Asia

Asia is increasingly the center of the world economy. By 2040, the region couldaccount for more than half of global GDP and about 40 percent of global consumption.Global cross-border flows are shifting towards Asia on seven of eight dimensions, and theregion¿s growth is becoming more broad-based and sustainable as its constituent economiesincreasingly integrate with each other.This is a diverse region, but its different parts have complementary characteristics, andpowerful networks are developing within Asia. Patterns of globalization are shifting, and theseshifts are occurring faster in Asia than elsewhere, suggesting that more than any other region,Asia could shape the way globalization unfolds in the years to come.This new paper builds on the McKinsey Global Institute¿s research on globalization in January2019 by examining Asiäs rise on eight dimensions incorporating 16 types of flow, looking at theincreasing integration of the economies of the region, and highlighting the development ofthree powerful new Asian networks: industrialization, innovation, and culture and mobility, and the rising cities that are pivotal components of those networks.