The balance of global economic power is shifting, and former Singaporean diplomat Kishore Mahbubani is calling on Western nations to recognize and adapt to this change. “The most dynamic economies are in Asia,” Mahbubani stated, highlighting the stark contrast between today’s economic landscape and that of the 1940s when the United States accounted for half of the world’s Gross National Product (GNP).
Mahbubani emphasizes that Asian countries are playing an increasingly significant role in the global economy. He advocates for the West to “make way for” Asia by granting these nations more governance rights in major international financial institutions like the International Monetary Fund (IMF) and the World Bank.
“It’s time for global governance structures to reflect the current economic realities,” he remarked. Mahbubani believes that empowering Asian economies within these institutions will lead to more balanced and effective global economic policies.
As Asia continues to grow and thrive, Mahbubani’s call underscores the importance of inclusive and representative global leadership. By adjusting to these shifts, the international community can foster greater cooperation and mutual prosperity.
Reference(s):
cgtn.com
