The economy is in the midst of a thirty year super-cycle that will see Asia boom to become the dominant economic force in the world, according to Standard Chartered.
The world has been through this before: once from 1870 until 1913, and again from the end of World War II until 1973.
The first super-cycle was the result of rampant growth in the U.S. and global utilization of the tools of the industrial revolution. The second was brought on by the rebuilding of Europe, growth of a global middle class, and emergence of Asian exporting powers.
This time, the cycle is all about the emerging consumer class in Asia. China's consumer will move ahead of the U.S. by 2018. Chinese growth will average 6.9% over the next two decades, India 9.3%.
There will be slowdowns, largely driven by the slowing west, but Standard Chartered feel this emerging market story is about to drive another massive period of growth in recent human history.
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