With the US and China distracted from stabilizing the world geopolitical order, flare-ups and stresses will occur more frequently as various actors feel emboldened to undertake risky gambits.
The world, including emerging Asia, will have to contend with "much higher for much longer" geopolitical risk and its aftereffects on global trade, investments, and financial markets.
But most economies in the region retain agency to adapt to a more hostile environment by bolstering internal resilience and forming new coalitions of the willing to pursue shared objectives.
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Strategic Outlook 2025: Winter Is Coming, Can Asia Keep Itself Warm?