Plenary Session 1:
The Rise of Asian Economy: Who Are We?
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| Dr. Yeah Kim Leng, speaker for the session |
The rise of emerging economies—especially the giant Asian economies are changing the structure of world trade and finance rapidly. It is projected that the 21st century will be Asia’s century. This is happening because the Asians have finally absorbed and understood Western best practices in many areas, from free market economy to the embrace of innovative science and technology, meritocracy and the rule of law. And of course, Asians have become innovative in their own way, creating new patterns of cooperation not seen before.
Developing Asia is expected to continue growth trend, expanding at 8.5-8.7% in GDP terms for the next 5 years. Presently, China is already the second largest economy in the world. China overtaking Japan in real GDP terms after the second quarter of 2010, hence becoming second only to the United States. Based on current trends, Dr Gene Huang, ranked one of the world's most accurate forecasters, anticipates that China will take over US's position as global economic powerhouse by 2020.
By looking at the rising trend of Asian’s economy, our main focus today is to rediscover what makes us, as Malaysian, unique and position ourselves in this fast changing globalization world as well as how much are we being influenced by the rise of Asian’s economy. In short, we could foresee that the rising of Asian’s economy may present many challenges, but yet, it will also open up new and unprecedented opportunities for the region and for the world.
Aside of the business sector, Asian countries had been famous for tourists. The tourism is another factor that had believed to improved the economy of several Asian countries.
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