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More and more Asian economies are racing to the top, as the International Monetary Fund’s April outlook projects that India would soon surpass Japan’s fourth place in the global economic order and join China and the U.S. in the world’s top five spots.
On a micro level, individual Asian mid-cap companies, according to an article by Citigroup, are quickly expanding beyond the global manufacturing bases of Japan and China, with their booming factories having a presence in India, Vietnam, Indonesia, Malaysia and Thailand. Additionally, Asian companies are adopting new technologies 8-12 years ahead of the West, according to Citi’s 2023 report.
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