#Watch big business drivers

But what’s going to be this year’s Ukraine? Who knows! We talked about inflation and how that was going to be a big story, and the question was, “When it would peak?” We were broadly on the money there. I think that was very much the story in Asia, certainly in China. We talked about the delayed COVID-19 reopening in Asia and the impact that would have on both perceptions and economies. So, what did we get right? Well, I think most of the things we said on the podcast last year were fairly sensible.

#Watch big business drivers

And because we live in such a globally interconnected world, it was the Ukraine conflict that led to the huge commodity price and trade shocks, which were the big, unexpected drivers in Asia last year. I don’t think we should beat ourselves up too much about that on a podcast about the future of Asia, but clearly, unexpected events can materialize. Robin Harding: I tried to mark my homework: I went back and listened to our conversation last year and one thing that’s striking is the word “Ukraine” is not mentioned once. Jonathan Woetzel: Let’s do the scary thing, let’s look back and say what surprised you about 2022-and what were some of the things that you would say, 'Yep, saw that coming.' Robin Harding: Jonathan, thank you so much for having me again. It was this time last year that we looked forward and backwards. He’s responsible for steering coverage across Asia and managing the FT’s award-winning network of correspondents, setting strategic priorities, and helping project the FT as a distinctive and authoritative voice in Asia. Robin previously was the Tokyo Bureau Chief for six years and before that he was based in Washington covering the US Federal Reserve. I’m a senior partner with McKinsey and a director of the McKinsey Global Institute, and I’m pleased to be joined today by Robin Harding, the Asia Editor of the Financial Times. In each episode, we are going to feature conversations with leaders from across the region to discuss what Asia’s rise means for businesses across the globe. As Asia’s economies evolve further, the region has the potential to fuel and shape the next normal. The region is now the world’s largest economy. Gautam Kumra: I am Gautam Kumra, chairman of McKinsey Asia, and you’re listening to the Future of Asia Podcast Series. An edited version of the conversation follows. Despite anticipated setbacks and flare-ups on the world stage, they see growth for the region. McKinsey’s Jonathan Woetzel and the Financial Times’ Asia editor Robin Harding look ahead to the major business themes in 2023.