Asia has achieved remarkable economic success over the past five decades. Several Asian economies are transitioning into a middle income economy and leading in technological advances owing to integration with the global economy via trade and foreign direct investment (FDI), rising consumer spending and tech savvy young population.
Although rising trade frictions remain a concern, protectionist trade measures implemented in 2018 have not significantly dented buoyant trade flows.
China’s growth that was largely driven by a strong economic performance has witnessed dampened trade due to trade war with the US. Hong Kong (HK), on the other hand, grew 2.9 per cent in the third quarter of 2018 owing to its open policies,