Asia on the rise

By all accounts Asia is on rise in world politics, economy and technology. It has equated itself with the key performance indicators of the affluent nations of the west and on some score has outsmarted them.

The rise has not been an easy one. After gaining independence from the colonial rule of over two centuries, Asia got sucked into the dominance, hegemony and rivalries of super powers. Nations that excelled in economic independence moved out of it and now play a balancing role in world politics, keeping the interest of their nation first. Others, who could not achieve economic independence, remain subjugated to their dictates.

In a major update on global power dynamics, renowned investor Ray Dalio has released the Great Powers Index 2024, ranking the world’s most influential nations. The index evaluates countries through a methodology based on key factors such as economic strength, military power, trade, and per capita influence. The findings suggest a shift in global power, with emerging nations like China and India challenging traditional Western dominance.

The US continues to hold the title of the world’s strongest power, with a total strength score of 0.89, maintaining a lead over other nations. However, the report highlights the rapid growth of China, which ranks second with 0.80 score strength, and India’s steady rise in global influence.

According to the Great Powers Index 2024, the traditional power structures of the world are evolving. China’s growing economy and military expansion, along with India’s increasing global stature, signal a move towards a multipolar world order. Other developing nations are also strengthening their positions, making the global landscape more competitive.

This trend is reflected in the ‘Rankings of the Top 10 World Powers (2024)’ which has ranked the country’s total strength and per capita strength:

1. United States 0.89 0.71

2. China 0.80 0.30

3. Eurozone 0.56 0.43

4. Germany 0.38 0.54

5. Japan 0.33 0.40

6. South Korea 0.32 0.54

7. India 0.30 0.07

8. United Kingdom 0.29 0.46

9. France 0.27 0.45

10. Russia 0.26 0.28

One of the most significant takeaways from the report is India’s rapid economic expansion. As per the report, the country is projected to achieve the fastest real GDP growth over the next decade, positioning itself as a major player in the global politics and economy.

Beyond the top 10 world powers other Asian countries are doing equally well. Indonesia is a rising global economy, a growing Southeast Asian powerhouse, and a vital emerging economy, with a GDP of over US$1 trillion, and is leading the way in the ASEAN region. Today, Indonesia is the world’s fourth most populous nation and 10th largest economy in terms of purchasing power parity. Indonesia is classified as both an emerging market economy and a member of the G20 (Group of Twenty major economies).

Emerging economies like Vietnam, Bangladesh and Cambodia are doing equally well.

On the collective strength of all these emerging economies South Asia has emerged as a region of remarkable diversity and significant geopolitical importance, driven by its young demographic profile, rich natural resources, and emerging markets. With a population of 2.04 billion, which is 25% of the world’s population, South Asia is one of world’s fastest growing economies with a growth rate of over 6.4 percent.

What drives the Asian countries’ rise is their human capital, political stability, security and enabling investment and business environments.

Pakistan has all the resources to emerge as a strong economic and political power and set it footprints on the map of rise of Asia. What needs to be set right is its political stability, security and enabling investment and business environments. Not to forget that Pakistan’s industrial revolution and economic growth of the 60s show-cased many Asian states, including Indonesia and India, the path to economic excellence.

Under the current political scenario where the west has scrambled to re-align its defence, security and economic challenges in the wake of change of rules of politics and economy by the US, much of Asia is at ease - which provides it an opportunity to accelerate its economic growth and political freedom. By all accounts the future belongs to Asia.

Copyright Business Recorder, 2025