Over the past four decades, Asia has demonstrated an extraordinary economic resilience, particularly during the global financial crisis in 2008, emerging as an important engine of global growth.
While attention tends to focus on the opportunities the region has to offer, many structural reforms are still needed to ensure a promising future for Asia over the longer term.
Apart from a dramatic increase in the rate of gross domestic product (GDP) growth, Asia’s labour-intensive, export-oriented and manufacturing-based growth model has delivered changes on many other levels. As regional countries’ manufacturing sectors mature, their capacity to generate employment is waning, many people have started to migrate to urban areas and aspire to be part of the service sector.
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