Asia is the fastest growing economic region and continental region by GDP in the world. Asian Economy comprises of 4.4 billion people living in 49 different states. 4.4 billion 60% of the world’s population. The comparison of the economies which are the part of Asian Economic Market is of great importance. These countries are China, Japan, India, Singapore, and Hong Kong.
Economy of Japan:
Japan was richest and most powerful economy of Asia for many years. Japan economy was the first Asian economy to industrialize and emerge. After World War 2, the economy of Japan was restructured with the close corporations of Government and banks. Japan then exported with the help of those corporations and is still exporting a large number of high quality products. Most economists describe that the best way to compare the living standards is to measure GDP per person at the purchasing system, which adjust for the differences in the standards of living in each country. Japan’s economy was overtaken by Singapore in 1993, Hong Kong in 1997, and by Taiwan in 2010. Asia’s so-called and newly industrialized economies are now richer than Japan.
Economy of India and China:
The two fastest growing major economies are India and China. The Economy of these countries play an important role in rapid growth and industrialization. The Industries of India such as Agriculture Industry, Transportation Industry, Trade Industry, and Banking Industry are merely the source of economy and contributes to the national GDP.
The economic growth of China was fueled by the production of Bamboo network. Bamboo network is the network of Chinese Businesses of the people operating business in markets and sharing similar cultural backgrounds. This bamboo network of Chinese businesses expanded after the migration of Chinese refugees to South East Asia.
Economy of Singapore:
Economy of Singapore is one of the rapid growing economies as well. Singapore emerged as economic growth economy after it gained Independence in 1965. The Government of Singapore established export oriented industries and multi racial workforce by encouraging foreign investors. The Government of Singapore also plays a prominent role in setting business and market trends and increasing the economic growth. Singapore, now-a-days is one of the richest countries of the world in terms of GDP and GNI per Capita.
Economy of Korea:
One of the important economies in accordance to Asian economies is Korean Economy. Korean economy had faced a large drop in the industrial production in 1950 and 1951. The average production of major commodities was also decreased which resulted in the reduced rate of economic growth. Korean War is also an important factor in the reduction of industrial production. In 1946, the recovery of the production series was increased with the manufacturing of Electric power generation and Tungsten production to encourage exports.
Most of the Korean imports especially in South Korea were granted by foreign aids. However, the increase in the economic growth came from the import system and assistance from the foreign companies and industrialization products and departments.