This is an essay that I wrote regarding the challenge that Asia face in the coming decade. I guess in reality, it applies to almost everyone. As we try and struggle to move forward, so often, we are being pulled down by our inner self and stagnant perspective that refused to change and grow. I guess as Joker from Batman Dark Knight, mentioned, "madness, as you know, is like gravity. All it takes is a little push!"
Hopefully, it will make some sense for you if you have the free time to read.
You will find the full essay in A CHANGE IN PERSPECTIVE TO FACE THE CHALLENGES AHEAD FOR ASIANS.
Asia is the region that contained approximately 60% of the world population, which accounts for about 4 billion people. Over the last decade, the economic growth in Asia has been fantastic. This is partly due to the macroeconomic and structural reforms and management as well as the growth seen in emerging China. On average, Asia has recorded a growth of 6% per year. This is quite a remarkable feat as Asia’s share in the global economy is now one third. This economic growth has helped to lift a lot of people out of poverty and improve their livelihood. Today, the leading region in the economic recovery is Asia. All of these are because of the strong fundamentals and quick and forceful policy responses to the crisis implemented by the leaders of the countries. The ability of most Asian countries to respond to the recent crisis is due to the significant structural changes made in Asia’s financial sectors after the 1997/98 crisis.
However, there is still a lot for Asia to learn before emerging as the leader for the post-global crisis economic world. Here are some of the crises that Asia will face in the near future. The rising standard of livings in China and India will eventually lead to a slow down as both the countries are currently providing cheap and amply labour in the region. There are also political issues between countries such as Pakistan and India that constantly pose threat to one another which prompt the government to invest heavily on military force. Japan is also another country that is finding it difficult to find new innovation and move beyond stagnation. The Dubai debt problems is also another warning and indication that more changes are needed. You could actually feel that each country face a different challenges in the days to come and emergent Asia needs to move beyond modernity into postmodern world to face these challenges.
Postmodernism in this context does not mean that Asian countries to linger around the uncertainties of the world but it means the need to deconstruct the old thoughts before constructing new ideas and image of the future for the world. As mentioned above, there might be a lot of different challenges faced by different countries in Asian countries but the biggest challenge faced by countries in this region over the next decade is the need to emerge into a new mindset. This is why Asia must learn to move beyond modernity into postmodernism. The old thinking needs to be replaced with new ideas, visions and stories just as no one pours new wine into old wineskins. If he does, the new wine will burst the skins, the wine will run out and the wineskins will be ruined. The new era has come and we could not contain growth and development with old perspective. This is an important part of growth because there is a need for transformation in adapting to the new challenges. With new risks within and across borders, it is necessary for Asia to maintain a strong supervisory regime going forward, including by building up risk assessment capabilities and adopting a macro-prudential approach to supervision.