Thailand's NESDC forecasts a slowdown in the world's two largest economies, citing rising import costs, labour shortages, and a downturn in electronics

Asia is now the centre of global economic activity, according to new research by McKinsey, which makes the point that China is now competing as an economy with the US; India is poised to overtake the UK to become the world’s fifth largest economy, with a GDP about double the size of either Canada or Russia; and that sizeable growth among smaller and mid-size countries is pushing the region into a leadership position.