Asia's economic growth is projected to continue its upward trajectory, fueled by a young, tech-savvy population, while global defense spending has reached unprecedented levels, according to recent reports. Simultaneously, political developments in Japan and Hong Kong, along with Iran's crackdown on dissent, are making headlines.
The Asian Infrastructure Investment Bank (AIIB) anticipates Asia to contribute as much as 40% of global growth by 2040, according to Kim-See Lim, the bank's chief investment officer, speaking at the Forum Ekonomi Malaysia. Lim highlighted the region's young, tech-savvy population as a key driver of productivity and knowledge transfer. Malaysia, Lim's home country, is experiencing positive economic indicators, with an unemployment rate of 2.9% and the ringgit reaching a five-year high.
Meanwhile, defense spending worldwide surged to $2.7 trillion in 2024, the highest amount since 2002, according to the Stockholm International Peace Research Institute (SIPRI). Pascale Sourisse, Thales International CEO, noted the growth in defense spending across Europe, Asia, the Middle East, and the Americas.
In Japan, Prime Minister Sanae Takaichi, the country's first female prime minister, secured a supermajority for the ruling Liberal Democratic Party (LDP) in the lower house elections.
In Hong Kong, a court sentenced media tycoon Jimmy Lai to 20 years in prison under China's national security law. Lai, a 78-year-old activist and publisher, was found guilty of violating the law late last year.
Iran has expanded its crackdown on dissent, targeting figures within the reformist movement, reports indicated. This follows the suppression of nationwide protests, which resulted in thousands of deaths and tens of thousands of detentions.
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