Asia to emerge a stronger player from crisis

The year of the Ox could well turn out to be the year when the world wakes up to the changing balance of economic power between West and East.

For the first time since the Second World War, the US, Europe and Japan are simultaneously in recession. After the turmoil of 2008, the world is now yearning for a period of relative calm, trying to avoid a drastic downturn.

Yet, amidst all the gloom, the dourest estimates for China and India indicate that the two fastest growing major economies of the 21st century expanded by more than 7 per cent last year and are expected to grow by 5-7 per cent in 2009. While the times present challenges for these high-flying economies, it is still good growth.