Word: worldly
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...most dynamic and rapidly growing region in the world over the past decade, developing Asia has attained a new level of prosperity. From China to India, the region's per capita income has more than doubled since the wrenching Asian financial crisis of 1997-98. Since 1990, over 400 million fewer Asians are living in poverty on incomes of less than $2 per day. On the surface, the region has much to celebrate on the long and arduous road to economic development. Many believe the Asia Century is now at hand. (Read "Fortress Asia: Is a Powerful New Trade Bloc...
...Such celebration may be premature. As 2008 came to an end, every economy in the region had either slowed sharply or tumbled into outright recession. Far from having the autonomous capacity to decouple from weakness elsewhere in the world, export-led developing Asia had become even more tightly tethered to foreign markets than was the case a decade earlier. The export share of panregional gross domestic product (GDP) hit a record 47% in 2007, fully 10 percentage points higher than the portion in the late 1990s. With approximately 50% of those exports earmarked for the rich countries of the developed...
...linkage between Asian growth and the American consumer bears special mention. The U.S. consumer is still the dominant consumer in the global economy. Although America accounts for only about 4.5% of the world's population, its consumers spent about $10 trillion in 2008. By contrast, although China and India collectively account for nearly 40% of the world's population, their combined consumption was only about $2.5 trillion in 2008. During the boom, China and the rest of Asia reaped enormous benefits from a mercantilist growth model that was tied increasingly to the voracious appetite of the American consumer. Unfortunately, Asia...
...investing in alternative energy technologies, retrofitting existing production platforms and moving to lighter construction and production techniques. Air and water pollution have become endemic to Asia's hypergrowth. That's especially true in China, home to seven of the 10 most polluted cities in the world and whose level of organic water pollutants is, by far, the worst in the world - more than three times the emissions rate of the No. 2 polluter, the U.S. Asia has attempted to explain away its poor track record, arguing that when scaled by its enormous population, its pollution problem still falls well short...
...Change is never easy - especially on a scale that the Next Asia requires. But change has been at the core of all the Asian miracles of the post - World War II era. Once again, circumstances require this dynamic region to look inside itself and reinvent the model that will take it to the next phase of its remarkable journey. I remain confident that Asia will be able to pull it off. At the same time, I don't underestimate the risks that the Next Asia will face as it once again moves out of its comfort zone. That's something...