The expanding territories of East Asia and the Pacific, belonging to developing nations, are experiencing a growth rate higher than the global average, although a slowdown is observed compared to the pre-pandemic period.
Will the 21st century be called "The Asian Century"?
The Asian giant is always breaking news, due to its economic potential, the China-US trade war, for the protests in Hong Kong - which we will talk about soon -, or for being a permanent member of the United Nations Security Council.
But Is Asia just China? Do we know the position of the Asian continent in the International System?
The rise of Asia is the great geopolitical transformation of our time. It is the most important political and economic process in the era after the end of World War II -1945-.
An economy with a per capita income of less than $100 - at that time - today is the center of global dynamism. A matter of special relevance, since we are at the threshold of a change in the world order –status quo– as we know it.
Does this mean that the West is dead?
Not at all, he is simply aging and focused on maintaining his power in the international system through the conventional tools that have always worked for him: diplomacy, militarism, technology and economics.
But, in this new strategic turn, they do not allow it to confront the Eastern States.
What countries make up Asia
Asia is not only China.
The Asian continent is made up, according to the UN, of a total of 48 countries, each with its history and current events.
Some of the countries that make up Asia are Afghanistan (Western Asia), Thailand (Southeast Asia), Pakistan (Southern Asia), South Korea (Eastern Asia)...
List of Countries that make up Asia:
- Afghanistan
- Saudi Arabia
- Armenia
- Azerbaiyán
- Bangladesh
- bahrain
- Burma
- Brunei
- Bhutan
- Cambodia
- Catar
- China
- Cyprus
- North Korea
- South Korea
- United Arab Emirates
- Philippines
- Georgia
- India
- Indonesia
- Iraq
- Iran
- Israel
- Japan
- Jordan
- Kazakhstan
- Kyrgyzstan
- Kuwait
- Laos
- Lebanon
- Malaysia
- Maldives
- Mongolia
- Nepal
- Oman
- Pakistan
- Russia
- Singapore,
- Syria
- Sri Lanka
- Thailand
- Tajikistan
- East Timor
- Turkmenistan
- Türkiye
- Uzbekistan
- Vietnam
- Yemen
History of Asia to the present
After World War II Asia was devastated: Japan occupied by a US with expansionary desires, South Korea divided (giving rise to North Korea and South Korea), China with the so-called Pacific War, and Southeast Asia and India (British Raj) undergoing a decolonization process in Europe.
Journalist Jorge Méndez was Japan the first country to gradually begin a process of economic reconstruction -helped by the Pacifist Constitution that made the United States an indispensable military partner.
And, today, there are already several who do completely relevant to Asia in the International System: China, South Korea, India, Singapore, Taiwan... among others.
View: 70 years chasing prosperity
This has been due to a great economic, political awakening, strategic and military -also nuclear-. In fact, never before in history has such a broad growth rate been maintained as on this continent.
But, let's just look at some tangible data:
- China by itself is represented in the ranking Fortune Magazine's Global 500 by 95 companies. With three of the ten largest companies in the world: Sinopec Group, National Petroleum and State Grid Corporation.
- Asia is established in the institutional framework of the international system as it is part of the World Bank, the International Monetary Fund and the G-20. But in addition, there has been special interest in the foundation of New BRICS Development Bank (2014) whose founders were: Brazil, Russia, India, China and South Africa.
- This continent - which did not deserve special attention in the 20th century - has five of the ten largest armies in the world, in addition to five nuclear powers: China, India, Pakistan, North Korea and Russia.
View: Fortune 500 Global Ranking
Likewise, Asian investment in Africa, the multilateral relations that revolve around the continent, and its strategic weight in any decision-making by the hegemons of world domination are not trivial. But the latter is for another article.
See: South Sudan, geopolitical area of interest
Other data on Asia's position in the international system
According to World Bank, developing countries in East Asia and the Pacific are growing faster than the global average but slower than before the pandemic.
The semiannual economic outlook indicates that, although the recovery of global trade and financial conditions will favor these economies, protectionism and political uncertainty will slow growth.
In the April 2024 report, regional growth is estimated to slow to 4,5% in 2024, compared to 5,1% the previous year.
A 4,6% increase is projected for developing countries in the region, excluding China, and Chinese growth is projected to decline to 4,5%.
In addition, a slowdown is expected in Pacific island countries, especially Fiji.
Manuela V. Ferro, World Bank Vice President for East Asia and the Pacific, highlighted the importance of accelerating openness to private investment and resolving financial challenges to sustain growth.
The outlook is subject to risks such as a global economic slowdown and geopolitical tensions.
The report also notes that business productivity growth in the region is lagging behind international companies, especially in digitalized sectors.
Obstacles such as limited competition, inequality in job skills, and poor management affect productivity.
Aaditya Mattoo, World Bank chief economist for the region, suggests bold policies to boost competition, improve infrastructure and reform education as means to revitalize the regional economy.
Conclusions on Asia's position in the world
If the 19th century was from Europe and the 20th from the United States, the 21st could be said to be from Asia. However, the growth that this last continent was aiming for was slowed by the COVID pandemic.
China has suffered socially, politically and economically at national and international levels, and has not been able to alleviate its internal problems. Although it is true that it has stopped being the world's factory and has become its "brain" and, due to its national policy, it will surely end up recovering.
For their part, India and the Asian tigers nor have they continued as expected; This does not mean that they will not be able to return to normality to continue moving forward.
In any case, it would not be sensible to say that this century will belong to Asia, when due to its own culture it is difficult for it, in terms of soft-power, They could have the same influence at a social level as the US or Europe, which is fundamental in today's International Relations.
LL.M in International Business Law and Law from ISDE and graduated in Law and International Relations from Loyola University. CEO and business internationalization consultant at Reáculoateypunto.
