The Asia-Pacific is the fastest growing region in the global economy, and its economic weight has increased in the last decade, reaching 31.5% of world GDP in 2020. APAC’s two economic giants, China and Japan, are the world’s second and third largest economies. The fast-growing consumer markets of China, India and ASEAN have a combined population exceeding 3 billion people, and are expected to become an increasingly important driver of global consumption over the next two decades, led by rapidly growing household incomes and a fast growing middle-class. This Asian ascendancy is resulting in a considerable refocusing of corporate strategies of Western multinationals towards the fast-growing emerging Asian economies, due to opportunities for more rapid revenue growth than in more matured developed markets. However this rapid APAC growth is also powering the ascendance of large APAC multinationals, which already comprise of 192 of the Fortune Globe 500, the world’s largest corporations. Nevertheless, much of emerging Asia remains relatively underdeveloped with low per capita incomes, and there are considerable near-term challenges in the APAC outlook.