HT-MintAsia Leadership Summit | Asia is now marketplace of the world: DBS chief Piyush Gupta
Asia today is no longer the factory of the world but has become the market place of the world, said DBS chief Piyush Gupta at HT-Mint Asia Leadership Summit in Singapore.
Top leaders of the world -- from policy makers in the fields of science, arts, technology & sports have come together at the summit to discuss the rise of Asia & the East, amidst the political and economic surge.
A slow Asia grows at 5-6% in stark contrast to the rest of the world, he said adding: “Asia is digitising at a pace that is far more rapid than the rest of the world. The average age is Asia is 30, it is 39 in the US and 43 in Europe. Asian story has legs, but there are challenges.”
Elaborating on the challenges before the continent, Piyush Gupta said, “I think there will be a recession or at least a sharp slowdown in growth. But, Asia won’t go through a 1998 situation - Asia is far more resilient.”
Global geopolitics will be a game-changer, the DBS chief said, stressing that “Asia grew in the last 50 years because of a benign geopolitical environment... We may have a situation where countries have to choose sides, they have to make choices and that will be a big challenge.”
Gupta’s address was preceded by the inaugural speech by economist Paul Krugman who said that a recession has never been forecast successfully by economists. On the US-China trade war, Krugman said, “I would not want to bet against the markets on such things…We should not feel very optimistic about the US and China having a trade deal”.