Adapting to Asia's new growth model

Digitisation and decarbonisation are powerful new economic drivers. By Giorgio Gamba

- Giorgio Gamba is the CEO and Head of Banking, HSBC Thailand.

Asia's growth in recent decades has made it the engine of the global economy. Fortunately, Asia, including the Middle East, contains some of the world’s most powerful economies: three of the top five global GDP engines — China, Japan and India — are here.

But the drivers of growth are changing: the region is transitioning to a new economic model that is more sustainable and technology-driven than before.

Digitisation and the energy transition are emerging as powerful economic drivers across Asia, enabling new business models and growth opportunities for established firms. These shifts give rise to evolving financial needs, though.

Businesses will need to adopt climate technology and digital solutions in order to support their green transition, and will need to invest to adopt this technology.

DIGITAL DRIVERS

Asia-Pacific has more than 2.6 billion internet users, which is more than anywhere else in the world. This number also has room to grow: internet penetration rates in the region still lag those in North America or Europe.