Economy of Asia

2009-02-28T08:44:00.000-08:00

Asia has the third largest nominal GDP of all continents, after North America and Europe, but the largest when measured in PPP. As of 2007, the largest national economy within Asia, in terms of gross domestic product (GDP), is that of China followed by that of India, Japan, South Korea and Indonesia. However, in nominal (exchange value) terms, they rank as follows: Japan, China, India, South Korea, Saudi Arabia, Taiwan, Indonesia. Since the 1960s, South Korea had maintained the highest economic growth rate in Asia, nicknamed as an Asian tiger, becoming a newly industrialized country in the 1980s and a developed country by the 21st century. In the late 1990s and early 2000s, the economies of the PRC and India have been growing rapidly, both with an average annual growth rate of more than 8%. Other recent very high growth nations in Asia include the Philippines, Pakistan, Vietnam, Mongolia, Uzbekistan and mineral-rich nations such as Kazakhstan, Turkmenistan, Iran, Brunei, United Arab Emirates, Qatar, Kuwait, Saudi Arabia, Bahrain, and Oman.

Historically, Japan has had 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. (NB: A number of supernational economies are larger, such as the European Union (EU), the North American Free Trade Agreement (NAFTA) or APEC). In the late 1980s and early 1990s, Japan's GDP was almost as large (current exchange rate method) as that of the rest of Asia combined. In 1995, Japan's economy nearly equalled that of the USA to tie as the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen/dollar. Economic growth in Asia since World War II to the 1990s had been concentrated in Japan as well as the four regions of South Korea, Taiwan, Hong Kong and Singapore located in the pacific rim, known as the Asian tigers, which have now all received developed country status, having the highest GDP per capita in Asia.

It is forecast that the People's Republic of China will surpass Japan to have the largest nominal and PPP-adjusted GDP in Asia within a decade. India is also forecast to overtake Japan in terms of Nominal GDP by 2020. In terms of GDP per capita, both nominal and PPP-adjusted, South Korea will become the second wealthiest country in Asia by 2025, overtaking Germany, the United Kingdom and France. By 2050, according to a 2006 report by Price Waterhouse Cooper, China will have the largest economy in the world (43% greater than the United States when PPP adjusted, although perhaps smaller than the United States in nominal terms).

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Economy of Asia

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