The East Asian Countries Economy-One of the Powerful Economies in the World

economy

Asia – world largest continent in area as well as in population, Asia covers around 30% of earth`s land area and homeland of majority of human population , most of all main religions are born in Asia including Christianity, Islam, Judaism, Hinduism, Buddhism, Jainism, Sikhism, , as well as many other religions. East Asia is one of the most populated area in the world covering 28% of Asia`s land area and giving a home to more than 1\5 of world`s population.

Countries which combines together to make east Asia are China , Mongolia, North Korea , South Korea ,Japan and Taiwan . These countries are the most powerful economies of the world, more population keep their GDP high as well as give a high amount of work on low labor cost. They have a high favorable political-legal issue for industries and work, with plenty of natural resources.

China rapid growth is one of the main reason to bind all Asian countries with each other and give rise to dynamic Asia .China and its neighbouring countries come out as market led symbiosis .China territory is same as that of USA but with 1.2 billion population it is four times bigger .China’s economy in the heartland regions was traditionally one of labor-intensive agriculture. China has been invaded by a lot of western countries in 19, 20 centuries and by Japan in 1930 so its one of main foreign policy priorities is to develop a high economy and a strong military power to defeat any invasion from external forces and China is on its way .

Mongolia’s economy is based on agriculture and livestock. Magnolia has an extensive mineral deposit like copper, coal, molybdenum, tin, tungsten and gold as a big part of industrial production. The financial system has undergone modernization and the banking system has become largely stable.

North Korea has self-reliant development strategy, which gives priority to developing heavy industry, agriculture, and light industry . Its world`s most repressed economy as most of the property belongs to the government, states. North Korea is highly isolated from the world economy, international trade and investments are controlled by the government .The financial sector is completely controlled by the state.

From last few years, South Korea has a steady grown up chart in marketing and financing. Small and medium-sized enterprises give ensure to a great economy. South Korea have a dynamic private sector , which is full of well educated and hardworking people .South Korea ranks 11th nominal and 13th purchasing power parity GDP in the world. It had fastest growing the economy from the 1960s to 1990s. The South Korean study is very intensive and brutally competitive , which increases the number of teenagers attempting suicide .South Korea have shortages of labor many of vocational seats goes unfilled.

The economy of Japan is third largest in the world and fourth largest by purchasing power parity and its world 2nd largest developing economy often ranked on the world most innovative countries having good, fast and educated population.

Taiwan is 5 biggest economy in Asia , foreign trade has been the engine of Taiwan rapid growth in GDP in last forty years . The industrial output is not very good there actually, it is gradually decreasing. It is the largest supplier of contract computer chip manufacturing .Agriculture plays a great part in their GDP.

In conclusion, countries of East Asia are relatively large and fast-growing markets for consumer goods and services of all kinds.

Its success has led to it being dubbed “An East Asian renaissance” by the World Bank.

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