Please select carefully as returns are not accepted. This new edition provides an up-to-date guide to the growing markets in South Asia. It offers an analysis of the changes and consequences of high sustainable growth of the region and provide an outlook as to where these economies are heading in the future. Focusing on the region's economic performance and achievements in the economic development front, this textbook will be of great interest to students and researchers in development economics, business economics, development studies and Asian studies.
Subscribe now to be the first to hear about specials and upcoming releases. South Asian Economic Development: Description of this Book This new edition provides an up-to-date guide to the growing markets in South Asia. It, however, rebounded strongly in the early s due to strong growth in exports, although unable to counteract China in after China gradually surpassed it as the largest economy in Asia. In , the Global Financial Crisis , triggered by the housing bubble in the United States , caused a significant decline in the GDP of the majority of the European economies.
In contrast, most Asian economies experienced a temporary slowdown in their rates of economic growth, particularly Japan , South Korea , and China , resuming their normal growth soon after. The Arab Spring since had caused economic malaise in Syria , Lebanon and Yemen , amongst the most adversely affected nations in the Middle East. At the same time, in the early s, Iraq , Saudi Arabia , the United Arab Emirates and Kuwait registered high GDP growths in the years that followed due to increased oil prices and further diversification of exports, as well as rising Foreign exchange reserves.
The Philippines , however, managed to grow at rates at par with China in the period —, and became Asia's fastest-growing economy beginning It also recovered after getting hit by Typhoon Haiyan , the strongest storm on record to make landfall, in November , which killed at least 5, and displacing millions more.
This free trade zone allows international trade to be conducted with fewer restrictions and lower customs duties. The zone is tax free for the first ten years to encourage foreign direct investment FDI with a 'negative list' used to regulate in which fields foreign investments are prohibited. Asia's large economic disparities are a source of major continuing tension in the region.
Given the enormous quantity of cheap labor in the region, particularly in China and India, where large workforces provide an economic advantage over other countries, the rising standard of living will eventually lead to a slow-down. Asia is also riddled with political problems that threaten not just the economies, but the general stability of the region and world.
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The nuclear neighbors—Pakistan and India—constantly pose a threat to each other, causing their governments to invest heavily in military spending. Yet another potential global danger posed by the economy of Asia is the growing accumulation of foreign exchange reserves. Some economists in the western countries see this as a bad thing, prompting their respective governments to take action.
According to the World Bank , China surpassed the United States and the European Union to become the world's largest economy by early , followed by India. Both countries are expected to rank in the same positions between and More than 40 percent or billionaires came from Asia, where as North America had billionaires and Europe with billionaires.
Following a Third Plenum of the Central Committee of the Communist Party of China in China revealed plans for several sweeping social and economic reforms. The government would relax its one-child policy to allow single-child parents to have two kids. This reform was implemented as a response to the aging population of China and provide more labor. The government also reformed the hukou system , allowing the labor force to become more mobile.
The reforms will make financial loan systems more flexible encouraging increased economic involvement of private firms. Additionally, state-owned enterprises will be required to pay higher dividends to the government. The benefits of this will go to Social Security. Reform also allows farmers to own land for the first time ideally encouraging farmers to sell their land and move to cities which will boost consumerism and increase urban work force.
On November 17, , the program officially launched with the approvals from Beijing. The 'Connect Program' is a groundbreaking initiative with significance to both Hong Kong and Mainland. It brings another opportunity for the growth of the Hong Kong securities market.
The Shanghai-Hong Kong Connect Program is open to all market participants, but those must satisfy all requirements prescribed by the exchange and regulators. The design of the program will ensure a minimal change of regulatory structure in each market as well as the ability to expand to other markets or other asset classes in the future. Without a rule to guide the distribution of intergovernmental expenditure responsibilities, significant levels of risk would be associated with the spending.
IMF warned that rapid debt run-ups could lead to financial crisis.
The new rules are expected to be combined with broader fiscal reforms aimed at bringing local government tax revenue in line with expenditure. The central government will provide more guidance to local governments in terms of how to manage and invest wisely. It has the largest manufacturing economy in the world, and is the largest exporter of goods. Unsurprisingly, China produces the most rice in the world, and is a key producer of wheat, corn, tobacco, soybeans, and potatoes, among others.
The real estate industry in China has been a controversial subject, but, since , China has had the largest real estate market in the world. In , the Chinese government instituted a five-year plan to prioritize the development of the service economy. The telecommunications sub-sector in China is the largest in the world, with over a billion mobile customers. Tencent, the developer of WeChat, is dominating Chinese mobile culture unlike anything in history has. In , China contributed a third of global GDP growth. The economic liberalisation in India refers to the ongoing economic liberalisation, initiated in , of the country's economic policies, with the goal of making the economy more market-oriented and expanding the role of private and foreign investment.
Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the s and s. The overall direction of liberalisation has since remained the same, irrespective of the ruling party, although no party has yet solved a variety of politically difficult issues, such as liberalising labour laws and reducing agricultural subsidies.
India 's economy became the world's fastest growing major economy from the last quarter of , replacing the People's Republic of China. The long-term growth prospective of the Indian economy is highly positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. It is also the fastest-growing part of the economy. India ranks second worldwide in farm output. Successive Indian governments have been advised to continue liberalisation.
Economy of Asia - Wikipedia
Even though, in early years India grew at slower pace than China however, since India has been growing faster than its northern counterpart in terms of percentage of GDP growth, although it should be noted that China's absolute growth still exeeds India by a large margin. There has been significant debate, however, around liberalisation as an inclusive economic growth strategy. Since , income inequality has deepened in India with consumption among the poorest staying stable while the wealthiest generate consumption growth.
As India's gross domestic product GDP growth rate became lowest in —13 over a decade, growing merely at 5. But then in FY —14 the growth rebounded to 6. Like China, agriculture makes up a large part of the Indian economy. However, the engineering industry in India is still the largest sub-sector by GDP. Perhaps the most exciting development in India is its incredibly fast-growing information technology and business process outsourcing sub-sector.
Following the global economic recession , the Prime Minister hoped to boost Japanese economy with "three arrows": Furthermore, currency changes could aggravate international relations, especially those between China and Japan. Founded in , its aim is to foster cooperation and mutual assistance among members. The countries meet annually every November in summits.
East Timor and Papua New Guinea are given observer status. The Shanghai Cooperation Organisation SCO is a Eurasian political , economic , and security organisation, the creation of which was announced on 15 June in Shanghai , China , its members include China , Kazakhstan , Kyrgyzstan , Russia , Tajikistan , and Uzbekistan , India and Pakistan ; the Shanghai Cooperation Organisation Charter, formally establishing the organisation, was signed in June and entered into force on 19 September At present, the SCO is one of the world's most powerful and influential organisations.
It is the world's largest trading bloc , covering nearly half of the global economy. While the agreement covers only a limited number of products, members agreed in to implement a Trade Facilitation Framework Agreement aimed at streamlining trade procedures between members. Although the initial intention was to create a free trade area covering all membership which includes China, the United States and Australia, among others this has failed to materialize.
The study will provide an analysis of potential economic and social benefits and costs, analyze the various pathways towards a Free Trade Area and identify challenges economies may face in realizing this goal. The main aims of CEPA are to eliminate tariffs and non-tariff barrier on substantially all the trade in goods between the three, and achieve liberalization of trade in services through reduction or elimination of substantially all discriminatory measures.
The Arab League facilitates political, economic, cultural, scientific and social programs designed to promote the interests of its member states. It has also promoted cooperation on democratisation and cross-border crime prevention. SAARC encourages cooperation in agriculture, rural development, science and technology, culture, health, population control, narcotics control and anti-terrorism. It created a framework for the creation of a free trade zone covering 1.
Asia is by a considerable margin the largest continent in the world, and is rich in natural resources.
Economy of Asia
The vast expanse of the former Soviet Union , particularly that of Russia , contains a huge variety of metals, such as gold , iron , lead , titanium , uranium , and zinc. Saudi Arabia, Iraq, and Kuwait are rich in oil reserves and have benefited from recent oil price escalations. Asia is home to some four billion people, and thus has a well established tradition in agriculture. High productivity in agriculture, especially of rice , allows high population density of many countries such as Bangladesh, Pakistan, southern China, Cambodia, India, and Vietnam.
Agriculture constitutes a high portion of land usage in warm and humid areas of Asia. Many hillsides are farmed in a terrace method to boost arable land. More than half of the forested land in Asia is in China, Indonesia, and Malaysia. China is considered a top exporter of wood products like paper and wood furniture while tropical timbers are a top export in Malaysia and Indonesia. Fishing is a major source of food, particularly in Japan and China. In Japan larger, high-quality fish are common while in China, smaller fish are being consumed at a higher rate.
As the middle-class population in Southeast Asia expands, there is an increase of more expensive meats and foods becoming a part of the traditional diet. Major Asian manufacturing companies are mostly based in either South Korea or Japan. Many developed-nation firms from Europe, North America, Japan and South Korea have significant operations in developing Asia to take advantage of the abundant supply of cheap labor.
South Asian Economic Development: Second Edition
The country has emerged as one of the world's largest exporters of software and other information technology related services. Call centers are also becoming major employers in Philippines due to the availability of many English speakers, and being a former American colony familiar with the American culture. Experts believe that the current center of financial activity is moving toward " Chindia " — a name used for jointly referring to China and India — with Shanghai and Mumbai becoming major financial hubs in their own right. From Wikipedia, the free encyclopedia.
Economy of Asia Statistics Population 4. All values, unless otherwise stated, are in US dollars. List of Asian countries by GDP. Business and economics portal Asia portal. Retrieved 6 March Retrieved 25 November Retrieved April 17, Ensuring China's "Peaceful Rise". Accessed January 30, China and the Knowledge Economy: Seizing the 21st Century.
Accessed January 30, ". Why Europe is getting China so wrong. Archived from the original on The East Asian Tigers". National Bureau of Economic Research. South China Morning Post-Economy. Martin Kessler Books, Free Press.
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Office of the Historian. Dynamics of Asia's Economic Growth". Retrieved 16 November