The new Asia is overtaking the old Asia - and indeed the world. Photo by Trey Ratcliff at
Australia needs to wake up to the sleeping dragon of Asia - before we get burnt. The 21st century will definitely belong to Asia and the rest of the world needs to start preparing for a changed global order, experts have told delegates at ANU Asia Pacific Week 2012. ANU professor Hugh White and David Gruen from the Australian Department of Treasury spoke at a panel on the Asia Pacific century chaired by Asian Century White Paper adviser and ANU professor Peter Drysdale. They said that changing economic and political circumstances were shaping a new world order which was putting Asia on top. Gruen said that Asia's rapid economic growth, which was helping to drive the current shift in global order, would continue well into the future. "The global financial crisis had remarkably little impact on the developing world and was dominated by collapses in the USA, Europe and Japan. These countries are not only still trying to deal with the effects of the GFC, but are they are battling long term fiscal issues. It really is remarkable looking at the advanced world and how entrenched their economic difficulties really are; we are in for a period of volatility and wrenching adjustment as they get on top of these issues," said Gruen.
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