Minister Mentor Lee Kuan Yew gave a piece of his advice to the US administration when he was there to receive the Lifetime Achievement Award in Washington. He opined that if the US does not recognize that the Asia-Pacific is where the economic center is going to be, US would lose its influence worldwide in decades to come. Once considered a poor continent from the devastations of the World Wars with little or no influence (with the exception for Japan) on the global economy, Asia is now seen as playing a leading role on the global stage. The dominance of Asia in decades to come will be more defined as a shift in new economic global order sets in.
Intrinsic integration of economies has opened up markets in Asia which has widely benefitted it. Compared to the developed continents of Europe and North America, Asia is largely still a developing continent which strangely is working in her favour. The opening of emerging economies like Thailand, Vietnam and the two economic superpowers India and China has seen low wages being offered partly due to an abundant supply of labour and partly due to lower skills of these workers. As a result, these had led to many multinational corporations to outsource production of their goods in Asia to take advantage of the low-cost of production so as to be able to retain global competitiveness. China known as the world’s largest manufacturer has seen surge in demand for its labour that led to its economy to be overheated. India too is known to export IT services to countries due to her level of competency in that field, many Indian expatriates have been working in Silicon Valley, making up 30 per cent of the workforce. Due to greater demand from corporations it too allowed Asia to grow at an accelerating for the world to straighten up and recognize the rising dominance of Asia due to her economic prowess.
A downside to this though is that as Asia expands at an accelerating pace internal problems have become more poignant. In large parts of Asia, rural developments still persist. People in these areas tend to be illiterate and still engage in the cradle to grave employment – farming. They do not benefit from economic growth that other sectors do arising to the microeconomic problem of widening income inequality. China’s Gini coefficient is relatively high which signifies that if Asian government do not address the bipolarity in developments within its boundaries, the dominance of Asia may just become a passing fad.
On the entertainment area, Asian movies have been making its mark globally. Mention Bollywood and immediately one would conjure up an image of constant song and dance that revolves around a tree. Several Asian movies have received international awards such as Mother from South Korea, My Magic from Singapore; the Japanese movie The Departures won an Oscar award for best foreign film. Cross-border collaborations are rising as well. Westerners see Asia rich in culture and its diversity appealing as more Hollywood movies direct their movies in Asia. Even remakes of Asian films such as “My Sassy Girl” and “Departed” illustrate the growing influence of the Asian entertainment industry.
The myriad of traditions able to blend together in a melting point allows many Asian films to the created derived from the cross-cultural experiences in Asia which is its triumph card in the international market. Models too known for their “exotic looks” are making waves on in the fashion industry. Its dominance yet is not obvious but in decades to come, its rippling of waves would turn to full tides.
Education – a vital, necessary tool to equip are with the necessary knowledge to be able to command a higher wage for skills learnt to provide a comfortable life for one has seen Asian university rankings rise in the annual QS list. The desire to be taken seriously by their competitors have witnessed an immense hunger in Asia to strive for the best or so to speak. Asian education system is known for its rigours and is clearly evident in the number of international maths and science Olympiads Asians win. Compared to the US education system, where school days follow the 19th century agarian calendar which has become irrelevant in today’s world, pale in comparison to the Asian school system, Japan has 242 school days, South Korea 220 and Singapore 200. This has provided Asians a competitive edge in consistent production of highly skilled workers. This, coupled with low-cost labour, creates an ideal investment environment. Academics aside, athletes too are becoming serious competitors in international competitions. It is no wonder then that Asia will lead with an army of well educated scholars that can shape policy and industry.
However, a crucial limiting reagent that can potentially undermine the dominance of Asia is that it is the most vulnerable continent to climate changes that can adversely impede the growth of Asia. The Java coastline of Indonesia has the world’s most fault lines, making it most exposed to earthquakes. To recent surge of fury of mother nature all occurred in Asia. From typhoons rampant in Philippines to Taiwan to Japan, it creates havoc, destroys buildings and more importantly creates casualties. The economic aid into reconstruction from the damage is huge. As Asia constantly experiences such calamities, resources have to be diverted to aid devastated neighbours. This would hinder the capacity Asia has to grow. It is of utmost importance and only circumspect that Asia weaves a social fabric to truly become a domineering force. Lack of aid in times of need would result in a fallout as a whole. Increasing dominance will be diminishing in decades to come instead.
Boasting multi-ethnic groups, multi-talented individuals and large domestic market, Asia is a force to be reckoned with. Its buzzing nightlife and rising social entrepreneurs has sent a message to the world. It is said to be the makeshift of new economic world order. These are transparent signs of rising dominance but to see it turn to actuality, only time will tell.