In fact, Asia accounted for over half of world GDP for centuries, and only started to lag behind in the 20th century. In a way, Asia is now restoring the old balance of power. We saw the rise of Japan in the 1960s and 70s, and the rise of Korea, Singapore, Hong Kong and Taiwan in the 1980s and 90s.
But the recent ascent of large countries like China and India dramatically increases the scale and speed of the shift. The share of emerging Asia in the world economy increased from 8% in 1980 to 26% in 2012. The rise of Asia primarily affects advanced economies on the real side of the economy. Trade and international competition have intensified.