Asia is home to over 4.5 billion people, making it the most populous continent on Earth with approximately 2/3 of the world’s population living there. The vast populations in Asia deliver a huge consumer market to companies.
While figures from 2020, show that Asia too was affected, the decline in GDP has been significantly less than in Europe and regional growth is expected to rebound to over 6% in 2021, as the pandemic subsides, global import demand recovers and capital flows to the region normalise again. GDP growth in most of the region’s economies far outstrips the OECD, and recent forecasts predict Asian economies will be larger than the rest of the world combined by the end of 2020. This will effectively make the global economy dependent on Asian markets, and it is therefore vital that there are significantly closer working links and connections between Europe and Asia for environmental, economic, and social reasons.