An Economic Overview of East Asia

As the growth and liberalization of many East Asian economies continues at a rapid rate, the region’s significance in world trade, and in shipping, also continues to increase dramatically. The economic expansion of China, the Philippines and Vietnam has been impressive in recent years, and although the economic growth of Hong Kong, Singapore, South Korea, Taiwan, Thailand, Malaysia and Indonesia has slowed since the late 1980s, it is still extremely high on a world scale.

The economies of South East Asia, in particular, have exhibited remarkable growth in the past decade and now boast the highest GDP rates in the world, apart from China. For seven consecutive years, GDP growth in the region has been at 7-8% per annum and the GDP is forecast to double to $1,200 billion within the next ten years. Low labor costs, a focus on industrialization, and the development of new markets are all factors in South East Asia’s success. The area is successfully replicating the export-led industrialization models of Hong Kong, Taiwan and South Korea, and will have a profound effect upon global trading patterns as it gains the competitive advantage.

This is only an excerpt of An Economic Overview of East Asia

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.