Economic Life of Asia
ECONOMIC LIFE OF ASIA
The economy of Asia comprises more than 4 billion people (60% of the world population) living in 46 different states. Six further states lie partly in Asia, but are considered to belong to another region economically and politically.
As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of differing cultures, environments, historical ties and government systems. The largest economies in Asia in terms of nominal GDP are China, Japan, India, South Korea, Indonesia and Iran. In terms of GDP by purchasing power parity, China has the largest economy in Asia and the second largest economy in the world, followed by Japan, India, and South Korea.
Wealth (if measured by GDP per capita) is mostly concentrated in east Asian territories such as Hong Kong, Japan, South Korea, Singapore and Taiwan, as well in oil rich Middle Eastern countries such as Iran, Saudi Arabia, Qatar, United Arab Emirates. Asia, with the exception of Japan, South Korea, Hong Kong and Singapore, is currently undergoing rapid growth and industrialization spearheaded by China and India - the two fastest growing major economies in the world. While East Asian and southeast Asian countries generally rely on manufacturing and trade for growth, countries in the Middle East depend more on the production of commodities, principally oil, for economic growth. Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$4 trillion of foreign exchange reserves - more than half of the world's total.
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Economic development
Ancient and medieval times
China and India alternated in being the largest economies in the world from 1 to 1800 A.D. China was a major economic power and attracted many to the east, and for many the legendary wealth and prosperity of the ancient culture of
The economy of Asia comprises more than 4 billion people (60% of the world population) living in 46 different states. Six further states lie partly in Asia, but are considered to belong to another region economically and politically.
As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of differing cultures, environments, historical ties and government systems. The largest economies in Asia in terms of nominal GDP are China, Japan, India, South Korea, Indonesia and Iran. In terms of GDP by purchasing power parity, China has the largest economy in Asia and the second largest economy in the world, followed by Japan, India, and South Korea.
Wealth (if measured by GDP per capita) is mostly concentrated in east Asian territories such as Hong Kong, Japan, South Korea, Singapore and Taiwan, as well in oil rich Middle Eastern countries such as Iran, Saudi Arabia, Qatar, United Arab Emirates. Asia, with the exception of Japan, South Korea, Hong Kong and Singapore, is currently undergoing rapid growth and industrialization spearheaded by China and India - the two fastest growing major economies in the world. While East Asian and southeast Asian countries generally rely on manufacturing and trade for growth, countries in the Middle East depend more on the production of commodities, principally oil, for economic growth. Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$4 trillion of foreign exchange reserves - more than half of the world's total.
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Economic development
Ancient and medieval times
China and India alternated in being the largest economies in the world from 1 to 1800 A.D. China was a major economic power and attracted many to the east, and for many the legendary wealth and prosperity of the ancient culture of