Prosperity returns to Asia after 2,000 years: official

ISTANBUL

Prosperity has begun to return to Asia from Europe and America, a Turkish finance official said Tuesday.

While nearly all the world's wealth had been in Asia 2,000 years ago, much of it had flowed to Europe and America, with the trend now reversing, said Goksel Asan, the head of the Turkish Presidency's Finance Office.

Prosperity does not move by itself, these were the biggest transformation periods of the world, Asan told the Turkish Capital Markets Summit 2019.

The two-day summit, started on Tuesday under the theme "Transformation", with the support of the Turkish Presidency. Anadolu Agency is the event's global communication partner.

"Transformation actually determines how wealth is redistributed throughout geography," he underlined

This transformation is a major and dangerous situation for humanity, as "redistribution of wealth is not peaceful," he noted.

He stressed: "We should use all the benefits of this transformation but we need to determine strategies."

Asan also said transformation would be realized most in the finance sector.

"At this point, the financial system is unsustainable. It should be redefined," he highlighted.

The finance and real sectors should reconnect, otherwise, the system cannot be sustainable, he added.