HKUST Business Review

With a young, increasingly educated workforce, Asia also possesses another major advantage. This demographic represents not just an expanding consumer market, but also the skilled human capital to power new hubs for tech and financial innovation. "Up to now, countries have been very pragmatic in managing macroeconomic fundamentals effectively to weather multiple global shocks," Park said, alluding to challenges like the COVID-19 pandemic, the impact of climate change, and ongoing inflationary pressures. However, this experience, along with the other obvious advantages, qualifies the region to be a primary architect of the global economic system that emerges from the present period of hesitancy and concern. Undoubtedly, the challenges ahead will be significant, whether attributable to protectionist policies, supply chain disruptions, or broader geopolitical tensions. "We face a complex situation, but not being in the game is not really an option," Park said. For this reason, he advises Asia’s emerging economies to continue to adapt, innovate, and remain strategically engaged. By committing to free trade and investment and inclusive policies, these nations are proving that economic success is not about size or historical advantage, but about openness, innovation, and a pragmatic, forward-looking approach to dealing with challenges. By doing this, Asia may very well be holding the blueprint for the rewiring of the global economy. Up to now, countries have been very pragmatic in managing macroeconomic fundamentals effectively through multiple global shocks. Professor Albert Park Chief Economist of the Asian Development Bank (ADB) HKUST Business Review 29 Cover