Does the 21st century still belong to Asia?

In 2011, the Asian Development Bank unveiled the concept of “Asia’s Century”—a vision to restore the region’s global economic dominance. Fast forward to 2025, Asia contributes nearly one-third of global GDP. Yet, slower growth and emerging challenges have sparked debate about whether this ambition is still achievable.

Globalization Reimagined

At the World Economic Forum’s Annual Meeting of the New Champions, leaders from Vietnam, Sri Lanka, Indonesia, and Hong Kong tackled pressing issues:

• Geopolitical tensions
• Climate-related crises
• Trade disruptions
• Technological upheaval

The consensus? Globalization isn’t vanishing—it’s evolving. Asia must adapt with fresh strategies and greater resilience.

Vietnam’s 5-Point Strategy for Economic Renewal

Prime Minister Pham Minh Chinh presented a persuasive strategy to stimulate economic growth.

1. Safeguard peace and stability—as a bedrock for international cooperation.
2. Embrace innovation and digitalization—moving beyond low-cost manufacturing.
3. Strengthen regional and global economic integration—deepen value chains.
4. Elevate entrepreneurship and support SMEs—especially youth-led ventures.
5. Put people first—ensuring inclusive, sustainable development.

Youth as a Growth Engine

Indonesia’s Deputy Chairperson, Rahayu Saraswati Djojohadikusumo, spotlighted her country’s demographic strength:

• 72% of Indonesians are of working age
• Gen Z and Millennials represent 53% of the population

This population dividend offers tremendous opportunities for innovation and market expansion.

Tapping into Asia’s Soft Power

Asia’s cultural influence—from K-pop and gaming to heritage tourism—is vast but underutilized. Panelists emphasized:

• The need to monetize creativity and intellectual property
• Making tourism safer and more sustainable
• Leveraging “national resilience” as a narrative of collective strength

Vietnam’s PM described soft power as “the heroic history and unity of a nation.” It’s not just pop culture—it’s identity, values, and the capacity to overcome adversity.

Final Thought: A Century in Progress

Despite the hurdles, Asia’s leaders remain optimistic. As Djojohadikusumo declared:
“Asia’s Century is not ending – we are just beginning.”

Source : What would it take to harness Asia’s soft power? | World Economic Forum

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