Malaysia hasn’t fully capitalised on strong global growth, either, despite its exports exceeding the size of its economy. Malaysia continues to mainly manufacture electronic goods that are now increasingly produced in lower-cost countries, such as China and Vietnam. Meanwhile, the larger and more advanced economies of Korea and Taiwan have been unable to shift to a service-sector-oriented model that would have allowed them to grow at a faster rate. Admittedly, Singapore has had some success by aggressively pushing growth in the financial-services sector. But with an economy only $130 billion in size, there’s a limit to how much Singapore can change Asia’s fortunes.

With the exception of China and India, then, the other large to midsize economies of Asia are acting as a drag on the continent’s growth. Meanwhile, the newly emerging markets of Eastern Europe, Middle East, Africa and even parts of Latin America are expanding at above 5 per cent. And Europe and the United States are continuing to outpace Japan. The result is a growth story that doesn’t quite live up to the conventional wisdom that this is ‘Asia’s century.’

The writer is head of global emerging markets for Morgan Stanley Investment Management Newsweek