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3 Countries in Asia with the Best Economy

3 Countries in Asia with the Best Economy

Measuring the economic viability of a country is not as simple as comparing GDP. Numerous other key indicators are involved in determining how strong the financial situation of a country is. You can look to possibly improve your financial situation too through online betting at sites such as casino777

These economic indicators need to be analyzed rigorously by analysts to predict a country’s economic situation. GDP per Capita, Current account deficit, are among the most important of these economic indicators that need to be considered in reaching the conclusion.

China, the major competitor of the US, had been building its own bloc through its economic ties. The promulgation of Belt and Road initiative (BRI) has opened new ways for China to sell its goods and skilled laborers. Bordering China, India recently beat England to become the fifth largest economy in the world. Japan, and South Korea, the major allies of the west in the Asian continent, have also been growing their economy at a surprisingly high rate as well.

1. China

The major opponent of the United States, China, has been developing its economy by exploring the whole world. After helping several Asian countries, Chinese are now strengthening their ties with African countries.

China is building its friendship with the third-world countries, the regions that had long been neglected by the West. In doing so, Chinese trade has been growing with every passing day. It is even undermining various trade sectors that had long been controlled by the US, the strongest economy in the world. The Chinese economy has been growing at a staggeringly high rate of 9% since 1978. It is rare to see such swift development of any country in such a short time.

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Graham Allison, a political scientist, has done major research on the Chinese economy. Keeping in mind the development of China in the last two decades, he upheld the claims of Chinese premier, Xi Jinping, that China will get the status of hegemony in 2049.

2. Japan

Since the end of WW2, Japan remained a major ally of the US and Washington D.C. had taken the responsibility to build its economy. Today, Japanese automobile manufacturers are the second largest in the world. Japan is the third largest economy in the world, in terms of GDP.

The services sector of Tokyo accounts plays an important role in the strengthening of the Japanese economy, accounting for more than 70% of the GDP. Being the US and China its major trade partners, the export of Japanese products also adds a tonne to its economic growth.

“Abenomics”, the economic philosophy of Prime minister Abe, liberalized the economy and opened up new ways and opportunities for the development of the country. Under his rule, the fiscal and monetary policies of the country were revised to add some elements for the expansion of these.

3. India

From being ruled by the British for centuries to taking over England to become the 5th largest economy, India has come a long way. Every new day, the most updated techniques and strategies are adapted in the agricultural sector by Indian policymakers. The manufacturing sector is also booming. The real backbone, however, is the services sector of New Delhi, contributing more than 50% to the GDP.

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India maintained an average GDP growth of 5.5% over the last decade. According to Morgan Stanley, India is set to surpass Germany and Japan to become the third largest economy by 2027 with this high growth rate. The tech sector is growing rapidly in India, opening up new job opportunities for the people of India. The growth of all of its other major sectors combined with its skyrocketing tech sector has unsurprisingly made India one of the impressively growing economies of Asia.

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