Country ranking based on worldwide bank assets 2009-2050
The banking sector in the United States was nearly double that of its closest rival, Japan, in 2009, based on domestic bank assets. Given forecasts based on 2009 data, China was forecasted to have the largest banking sector in 2030, which was expected to more than double by 2050.
Growth in Asia Most Asia-Pacific countries have been experiencing high gross domestic product (GDP) growth in the past few years. China, in particular, has been able to maintain a robust growth rate. However, many economists attribute this to an effect known as “catch-up growth”, where a country’s GDP grows quickly due to rapid industrialization. Once a country completes this catch-up phase, it grows at a more modest pace.
Other long-term factors A number of long-term factors threaten to disrupt the banking sector, including regulatory pressure and a number of technology-driven factors. Financial technology, or fintech, is a term depicting the group of companies from the technology sector that work on development of innovative financial and banking solutions, for example in online payments and peer-to-peer loan sectors.
Growth in Asia Most Asia-Pacific countries have been experiencing high gross domestic product (GDP) growth in the past few years. China, in particular, has been able to maintain a robust growth rate. However, many economists attribute this to an effect known as “catch-up growth”, where a country’s GDP grows quickly due to rapid industrialization. Once a country completes this catch-up phase, it grows at a more modest pace.
Other long-term factors A number of long-term factors threaten to disrupt the banking sector, including regulatory pressure and a number of technology-driven factors. Financial technology, or fintech, is a term depicting the group of companies from the technology sector that work on development of innovative financial and banking solutions, for example in online payments and peer-to-peer loan sectors.
