We are now a quarter of the way into the Asian Century. The question is no longer whether Asia will grow, but how we will grow, and whether the prosperity we create will be one "without regret" – because with great growth, comes great responsibility.
Despite remarkable advances, prosperity across our region remains uneven. Hundreds of millions have entered the middle class, yet too many are still left behind in informal work, with limited access to finance or social protection.
At the same time, planetary pressures are mounting. Asia is the world's growth engine and increasingly a major driver of global emissions. It is also where climate impacts are felt acutely. As advanced economies recalibrate their sustainability agendas, Asia cannot afford to slow down. In fact, this is our moment to accelerate – not to compete, but to ensure our vulnerabilities do not widen.
The paradox is clear. The same forces that are driving Asia's rise could, if left unchecked, undermine its future. Yet even with these challenges, Asia has what it takes to build a prosperity that is inclusive and sustainable.
First, the world's centre of economic gravity has already shifted east. It is expected to sit between India and China in less than 5 years – decades earlier than once predicted by my fellow Malaysian, Professor Danny Quah. Asia today already accounts for over 60% of global growth. Intra-Asia trade now exceeds trade between Asia and the rest of the world, and is expected to grow by 400 billion US dollars annually in the coming years.
Second, we sit on a vast pool of long-term capital. Our region is associated with a high savings rate, state-run pension systems, sovereign wealth funds, and family-owned conglomerates. These have both the capacity and the mandate to think in decades, not quarters. In countries like Malaysia and Indonesia, the depth of Islamic finance adds a distinctive reservoir of patient, risk-sharing capital.