Five big trends that will shape the future of Asian businesses

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The COVID-19 pandemic is an “inflection point and a catalyst, not a speed bump, turbocharging existing trends and making it all the more pressing for leaders to boost their companies’ performance.” This is the view shared by business leaders from top Asian businesses to McKinsey & Company recently.

They believed that the following five big trends will shape and steer the businesses ahead in the region:

Asia will determine the future of Asia
Data and digital innovation are transforming consumer journeys
Scale, with a local touch, will consolidate power
Operating models will be optimized for speed, agility and trust
Purpose will pay off in the short and long term

Adding to these big five drivers is the increasing role of Asian governments in pushing technology commercialization and execution. As McKinsey pointed out in another report, China is aiming to develop an artificial industry worth nearly USD 150 billion by 2030 while Malaysia has formed digital free trade zones through which USD 65 billion of goods and services are expected to flow into the market by 2025.