The phenomenon of globalization fits well with the Asia-Pacific region. Countries in this region possess a diversity of traits including vast developing opportunities, relatively open markets, maturing economies and rigid government policies. Several multinational companies have headquartered their stations here, enhancing the geopolitical significance among the world nations. This development can be linked to Barack Obama’s strategic plans for a ‘strategic pivot to Asia’, which clearly instated China as an evolving power.
However, realities such as inflow of technology, urbanization and consumer trends have largely affected the dynamics of Asia-Pacific region in a positive way. Technology has made communication seamless and the potential shift to a ‘virtual’ world has been utilized by talents in the region. Urbanization has directly lead to growth of opportunities, economic stability and metropolitan governance. Consumer trends have used technology to conquer areas such as marketing, conferencing, media etc.
Several countries have experienced the outcomes of this ‘changing landscape’. India has been one of the fast growing economies since 2016 and making a mark on international forums. Japan has enforced an act concerning the Promotion of Women’s Career Activities with companies working towards equal opportunities. Malaysia’s economy has stabilized to a great extent by the Employees Provident Fund which depicts the fiscal power of people in maintaining an economy in this region. The Asia-Pacific region has witnessed almost 200 million people moving to urban areas in the last 5 years, an amount which seemed almost impossible a few decades back.
However, with these benefits also come the challenges in managing and coordinating the financial, economic and political changes aligned with the current global scenario.