From the first century up until the industrial revolution, Asia Pacific was by far the dominant power in the global economy, as it has long been the most populous region. Industrialization allowed Europe and North America to greatly increase productivity and take the lead throughout the 20th century. In fact, industrialization has so greatly increased productivity that global output in the first decade of the 21st century is reckoned to have surpassed the sum total of global output in the first 19 centuries.

With nearly 4 billion inhabitants, the Asia Pacific region still accounts for the majority of the world’s population. As Asia Pacific catches up with Europe and North America, increased productivity will drive growth and Asia Pacific will regain its position as the dominant power in the global economy. The global financial crisis has marked a tipping point in this rebalancing of the global economy. In 2012, the Asia Pacific region