With its traditional growth engines failing, the world is looking to Asia for economic salvation. The rise of China, India and ASEAN (Association of Southeast Asian Nations) countries such as Indonesia, and the rapid growth of Asian consumer markets are increasingly being seen as the new growth drivers for the world. However, this shift in economic power from West to East also brings new challenges. Western multinationals face increasing competition from rapidly growing multinationals from developing countries such as Hyundai, Tata and Acer, as they challenge their Western competitors. Competition for natural resources such as oil, water and land will heighten regional political and military tensions. Existing structures of global political, economic and financial governance will also increasingly be challenged, as the rise of new Asian economic powers alters the global geopolitical order that has dominated the world since the end of World War Two.Future Asia looks at the key trends...

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