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Economy

Emerging Asia risks never growing rich

Trump, protectionism and technology may hold back poorer developing nations

| Philippines
India and other middle-income economies may need to work much harder to develop the highly skilled workers for global competition.   © Reuters

This should be a moment of grand optimism for Asia. The world economy is enjoying its fastest expansion in a decade. Forecasts show growth in developing nations accelerating especially quickly. Yet even putting this week's global stock market wobble to one side, such bullish projections do not tell the whole story.

They hide the fact that emerging countries as a whole are still growing more slowly than before the 2008 global financial crisis. More importantly, deeper structural changes, notably the way technology is reshaping global manufacturing, are now threatening important parts of Asia's development model.

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