Asia on track to top 50% of world GDP by 2040, says McKinsey report

Continent to drive 40% of global consumption; As Chinese wages have risen, nations like Vietnam, India and Bangladesh have grown yearly exports of labour-intensive goods by 15%, 8% and 7% respectively

Asia is on track to top 50 per cent of global GDP by 2040 and drive 40 per cent of the world's consumption, says a McKinsey Global Institute (MGI) discussion paper, titled 'Asia's Future is Now', released on Monday.   

While describing emerging Asia's soaring consumption and its integration into global flows of trade, capital, talent, and innovation as "one of the most dramatic developments of the past 30 years", the report said that in the decades ahead, Asia's economies would go from participating in these flows to determining their shape and direction. It added that in many areas --from