By PHILIP BOWRING - The New York Times
Published: May 17, 2011
HONG KONG — The 21st century is supposed to be the Asian century. But it is looking increasingly possible that the continent is actually in the last phase of its period of economically outperforming the rest of the world. Its future needs to be measured not in terms of its recent past, but in light of the problems it faces and the economic potential of other regions.
The assumption has been that the successes of Japan, South Korea and Taiwan are being mimicked by the Chinese juggernaut and will be followed by the Indian one, pushing Asia to its rightful place in the world, with the income to match its half share of the global population. But it is not so simple. Rich Asia, middle-income Asia and poor Asia all face huge problems that will make it difficult to sustain the continent’s leadership in economic growth rates much beyond the next decade.
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