Monday, April 11, 2016

Asia the place to be despite the gloomy mood on Emerging Markets

Right now, the mood is very negative about Asia. I moved to Asia in 1973 and I've been writing about it in my “Gloom, Boom & Doom Report” since then. When I came to Asia, Hong Kong, Singapore, Taiwan and South Korea were dirt poor. But you go to Korea, Taiwan or Singapore nowadays, and they’re very modern societies.

There has been a huge economic development. On the other hand, in the West, not much progress has been achieved in terms of real GDP per capita. The typical family in the Western world—including Europe and the U.S— is actually hardly better off than in the 1970's.

Carl Icahn and Mark Zuckerberg are much richer. That's true; some people have become very wealthy. But the typical family has lagged behind significantly. But in Asia, I can say that basically everybody has progressed; some more than others, but there was huge progress.

The dominance of the global economy that resided with Britain in the 19th century, with Europe and the U.S. in the 20th century, is moving elsewhere—particularly to Asia. In the long run, there are still huge opportunities there.

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