| Home > Economy > Economy In Asia
|
| |
Economy In Asia |
|
|
In terms of gross domestic product (PPP), the largest national economy within Asia is that of the People`s Republic of China. In the late 1990s and early 2000s, the economies of China and India have been growing rapidly, both with an average annual growth rate of more than 7%. China has the world`s second-largest economy after the United States, followed by Japan and India. In the late 1980s and early 1990s, Japan`s economy was almost as large as that of the rest of the continent combined. In 1995, Japan`s economy nearly equalled that of the USA to tie the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen. But since then, Japan`s currency has corrected and China has grown to be the second-largest Asian economy, followed by India, in terms of exchange rates. It is expected that China will surpass Japan in currency terms to have the largest nominal GDP in Asia within a decade or two. However, in terms of exchange rates, Japan has the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1986 and Germany in 1968. Economic growth in Asia since World War II to the 1990s had been concentrated in few countries of the Pacific Rim, and has spread more recently to other regions. |
|
| Economy In Bahrain |
| |
| |
| Economy In Afghanistan |
| |
| |
| Economy In Bangladesh |
| |
| |
| Economy In Bhutan |
| |
| |
| Economy In Burma |
| |
| |
| Economy In Cambodia |
| |
| |
| Economy In China |
| |
| |
| Economy In India |
| |
| |
| Economy In Indonesia |
| |
| |
| Economy In Iran |
| |
| |
| Economy In Iraq |
| |
| |
| Economy In Israel |
| Israel has a technologically advanced market economy with substantial government participation. It depends on imports of crude oil, grains, raw materials, and military equipment. Despite limited natural resources, Israel has intensively developed its agricultural and industrial sectors over the past 20 years. |
| |
| Economy In Japan |
| |
| |
| Economy In Jordan |
| Jordan is a small Arab country with inadequate supplies of water and other natural resources such as oil. Debt, poverty, and unemployment are fundamental problems, but King ABDALLAH, since assuming the throne in 1999, has undertaken some broad economic reforms in a long-term effort to improve living standards. |
| |
| Economy In Kazakhstan |
| |
| |
| Economy In Laos |
| |
| |
| Economy In Lebanon |
| |
| |
| Economy In Malaysia |
| |
| |
| Economy In Maldives |
| |
| |
| Economy In Mongolia |
| |
| |
| Economy In Nepal |
| |
| |
| Economy In Oman |
| |
| |
| Economy In Pakistan |
| |
| |
| Economy In Philippines |
| |
| |
| Economy In Saudi Arabia |
| |
| |
| Economy In Singapore |
| Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a high per capita GDP. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 by the global recession and the slump in the technology sector. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle but is unlikely to abandon efforts to establish Singapore as Southeast Asia`s financial and high-tech hub. Fiscal stimulus, low interest rates, and global economic recovery should lead to much improved growth in 2004. |
| |
| Economy In Sri Lanka |
| In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for market-oriented policies and export-oriented trade. Sri Lanka`s most dynamic sectors now are food processing, textiles and apparel, food and beverages, telecommunications, and insurance and banking. In 2003, plantation crops made up only 15% of exports (compared with 93% in 1970), while textiles and garments accounted for 63%. GDP grew at an average annual rate of 5.5% in the early 1990s until a drought and a deteriorating security situation lowered growth to 3.8% in 1996. |
| |
| Economy In Syria |
| Syria`s predominantly statist economy lately has been growing more slowly than its 2.4% annual population growth rate. Recent legislation allows private banks to operate in Syria, although a private banking sector will take years and further government cooperation to develop. |
| |
| Economy In Taiwan |
| Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the world`s third largest. Agriculture contributes 2% to GDP, down from 32% in 1952. While Taiwan is a major investor throughout Southeast Asia, China has become the largest destination for investment and has overtaken the US to become Taiwan`s largest export market. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from the Asian financial crisis in 1998. |
| |
| Economy In Tajikistan |
| Tajikistan has the lowest per capita GDP among the 15 former Soviet republics. Only 5% to 6% of the land area is arable. Cotton is the most important crop. Mineral resources, varied but limited in amount, include silver, gold, uranium, and tungsten. Industry consists only of a large aluminum plant, hydropower facilities, and small obsolete factories mostly in light industry and food processing. The civil war (1992-97) severely damaged the already weak economic infrastructure and caused a sharp decline in industrial and agricultural production. |
| |
| Economy In Thailand |
| Thailand has a free-enterprise economy and welcomes foreign investment. Exports feature textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances. Thailand has recovered from the 1997-98 Asian Financial Crisis and was one of East Asia`s best performers in 2002. Increased consumption and investment spending and strong export growth pushed GDP growth up to 6.3% in 2003 despite a sluggish global economy. The highly popular government has pushed an expansionist policy, including major support of village economic development. |
| |
| Economy In Turkey |
| Turkey`s dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. |
| |
| Economy In Turkmenistan |
| Turkmenistan is largely desert country with intensive agriculture in irrigated oases and large gas and oil resources. One-half of its irrigated land is planted in cotton, making it at one time the world`s tenth-largest producer. Poor harvests in recent years have led to a nearly 46% decline in cotton exports. |
| |
| Economy In Uzbekistan |
| Uzbekistan is a dry, landlocked country of which 11% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world`s second-largest cotton exporter, a large producer of gold and oil, and a regionally significant producer of chemicals and machinery. |
| |
| Economy In Vietnam |
| Vietnam is a poor, densely-populated country that has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Substantial progress was achieved from 1986 to 1996 in moving forward from an extremely low starting point - growth averaged around 9% per year from 1993 to 1997. |
| |
| Economy In Yemen |
| Yemen, one of the poorest countries in the Arab world, reported strong growth in the mid-1990s with the onset of oil production. It has been harmed by periodic declines in oil prices, but now benefits from current high prices. Yemen has embarked on an IMF-supported structural adjustment program designed to modernize and streamline the economy, which has led to substantial foreign debt relief and restructuring. International donors, meeting in Paris in October 2002, agreed on a further $2.3 billion economic support package. |
| |
| |
| |
| |
| |
| |
| |
