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Australian deputy PM lauds 'Asian century'

Tuesday 12 October 2010 - by Nicola York

The economic re-emergence of Asia is arguably the “most significant global economic transformation” since the emergence of the US as a major economic power in the early 20th century, according to Australia’s deputy Prime Minister and Treasurer Wayne Swan.

In an address to the New York Stock Exchange yesterday, Swan said there were many opportunities presented by Asia and said it would become another engine of global economic growth alongside Europe and the US.

He said: “As many of you may know, half of the world's growth is expected to come from emerging Asian economies in 2010.

“Asia is not just driving the current recovery – it is shaping the future of the world economy. The global recession has accelerated and intensified a transformation that was already occurring.



The IMF estimates that by 2015, Asia will have an economy 50 per cent larger than it is today. It will account for more than a third of global output and be comparable to the economies of the US and Europe combined.”


He said that it was not being driven by China alone, but that India, Korea and Indonesia were also playing a significant part.

“The smartest investors see Asia's rise as an opportunity for the rest of the world, and not a threat for the established economies. They look beyond today and see wealthier, more sophisticated economies with larger middle-class populations, open financial systems, and dynamic and integrated internal markets.”


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