The World Press Syndicate website published an article on April 1 titled "Has the Asian Century Really Arrived?" The author is Lee Jong-ho, former chief economist of the Asian Development Bank and professor of economics at Korea University. The full text is excerpted below:
The COVID-19 pandemic is not the best moment in Western countries. Most Western governments have failed to effectively control the outbreak and the resulting economic losses. They pursue protectionist policies and contribute less to the international community's effective response to the outbreak.
Some see the current crisis as a turning point that will accelerate Asia's global renaissance. They point to asian countries that have managed the pandemic better than the West, and argue that the region's strong and resilient economic performance over the past 50 years shows the superiority of its governance system.
In fact, the 21st century will belong to Asia only if Asia can form a unified collective leadership.
Skeptics argue that populations in some East Asian economies, such as China, Japan and South Korea, are aging rapidly. This means that they will no longer enjoy the demographic dividend that previously underpinned rapid economic growth. It was also felt that rising income and wealth inequalities were undermining social cohesion and political stability.
But Asian policymakers have successfully overcome past obstacles. East Asian governments are particularly pragmatic and relatively clean. Many countries have committed to providing important public goods, such as education, health care, and communication technology infrastructure. Good governance also supports the efficient functioning of markets.
Asian countries have also nurtured a capable private sector. A well-educated and skilled workforce, coupled with targeted economic policies, is key to building a diversified, technologically advanced export sector.
But the Asian century seems far away, largely due to a lack of solidarity. China is clearly an economic and military superpower, with the likes of Japan, India, and Indonesia also playing important global and regional players. Asia lacks a formal regional institution as effective as the EUROPEAN Union, and despite the formation of regional institutions such as ASEAN to resolve economic and political differences, Asian leaders have yet to reach a consensus on regional integration.
Peace and security in Asia remain heavily dependent on the United States. Many countries, including Japan, the Philippines and South Korea, are allies of the United States and do not want to take sides. Within the framework of the Quadrilateral Security Dialogue, the United States, Japan, India and Australia are strengthening their relationship to counter China's growing regional influence. Only when China and the United States compromise and cooperate can Asia form a unified leadership.
Asian Governments must be actively engaged in addressing regional and global challenges and in cooperating constructively with other regions. They must also contribute to improving global governance. Unless Asian leaders recognize that this century must also be a century of shared global prosperity, there will be no Asian century.
Source: Reference News Network