The Asia economic boom has been an enigma all over the world. Asian economies grew faster than the rest of the economies in the world for the past two decades. The slowdown was due to the global recession but nevertheless, Asian economies showed no sign of succumbing to the same. Economic progress is quite possible even in a depressed economy. Let us take a brief look at some of the Asia economic growth indicators that are quite promising for the future.
Consumer spending in Asia is showing a strong upwards trend. Asia is one of the fastest growing consumer markets in the world and that has been the case since times immemorial. Consumer spending is one of the cornerstones of any economy and when an economy is in a slump, consumer spending invariably comes to the forefront and helps drive up the economy. Asian countries such as India, Singapore and Malaysia have high disposable income levels and this factor is one of the most promising indicators of future economic growth.
Economic reform is also being encouraged in many Asian countries including India. There are many instances where economic reform has helped increase competitiveness and lift the economy out of a deep recession. Asian countries are taking concrete steps to improve their economic performance and this is another way in which they can achieve rapid economic growth. reforms will also help tackle corruption, improve labor market conditions and open up the economy to foreign trade.
Asia's rise as the fastest growing economy does not mean that other parts of the world will not benefit from the same. There are several other economies that are doing well and are expected to perform strongly in the future. These economies include Japan, South Korea, China, India, Indonesia, Philippines and Pakistan. All these countries are expected to benefit from economic growth indicators like the Asian Tigers.
As the tiger grows in size, the appetite of other economies for economic growth also increases. The combination of a rapidly growing tiger and an increasingly rich country has led to rising tension between the two. The emerging Asian economic power can potentially challenge the U.S., European Union and Japan for global economic leadership position. A strong and prosperous Asia will be an important player in the global economy for years to come. At the moment, it is also a major force to be reckoned with in global economic governance.
Asian countries have been playing an important role in the global trade for quite some time now. In fact, over half of the global trade comes through Asian nations. The past five years have seen a marked acceleration in the growth of the Asian Tigers. Growth in China has been the primary driving force behind this acceleration, but the coming of the Asian Tigers will also see a significant boost from countries such as India and Malaysia.
Asian economic growth is also set to continue. Recent developments in the Asian economy indicate that it is moving in the right direction. Recent reports by the International Monetary Fund and the World Bank have confirmed that Asian countries are on track to sustain high levels of economic growth, even in the face of external financing constraints such as the U.K.'s recent vote to leave the European Union. Recent economic indicators suggest that Asia's recent economic miracle is not just about high levels of GDP per capita (as was the case in the past), but is also driven by high levels of productivity per capita. Asian governments have been successful in creating a platform for the efficient allocation of resources, while also ensuring that competition remains at a reasonable level.
While Asia will continue to underpin the global economy for the foreseeable future, it is crucial that its members take a collective approach to economic reform so that the benefits do not go to those at the top of the pyramid. Too often, too many member countries allow their countries' regressive rules and corruption to impede their economic growth. A favorite route to take for illicit proceeds is to move money through networks and then use it to politically support certain individuals or companies. Steps are therefore needed to bring about change and to ensure that laws are followed with regard to company ownership and investment.
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