The Asia economic recession has been a boon for many economies across the world. While it has been very hurting financially and in terms of its potential for development, it has been a blessing in disguise. The reason is that Asia has been one of the fastest growing regions in terms of per capita GDP. So, aside from being one of the fastest growing regions, Asia has also been one of the fastest growing economies per capita in the world today.
So, the question remains. Is Asia lagging behind or is it still on its way to reach equal stature with the leading economies like US, EU and Japan? Well, the answer is that it is one of the fastest growing regions in terms of per capita GDP. However, this will definitely depend on whether the Asian countries continue on their path to economic prosperity and whether other regions in the world will catch up.
While Asia is growing, there are also many challenges ahead for the region. One example is the slowdown in China. This is one of the biggest concerns of the American and the Japanese. If the Chinese economy falters, the US and the Japanese will be hit hard. Additionally, the Middle East is facing trouble right now, with several conflicts. All these factors mean that Asian economies have not been able to keep up with the fast world of globalization.
Growth in Asia, though it has slowed down, can still be considered to be a positive phenomenon. What makes Asian economic growth interesting is the fact that this phenomenon has happened despite the fact that many people are skeptical. For example, even the International Monetary Fund (IMF) recently stated that Asian countries have the ability to catch up with the rest of the world. To support their claim, they pointed out the fact that Asia's per capita GDP continues to grow at an annual rate of about 5% during the last few years.
Another reason why Asia is being referred to as the new world powerhouse is its willingness to open up more to the world community. Many Asian countries have wanted to join the globalization club, but they have been put off by the failure of these nations to succeed in doing so. Asian countries have made a commitment to openness and open-doors policy for the past couple of decades. Whether they will succeed or not remains to be seen, but at least one thing is for sure – the world is watching and Asian economic growth will continue to be a major factor as this happens.
One of the main reasons why Asian economic growth has been a positive factor in the past is that it brought in more investors into the country. More investment means more jobs and more income. There are many stories of job creation and income creation all across Asia that can be attributed to the increased economic prosperity that came as a result of globalization. Today, more companies from all over the world are choosing to open their doors in Asia because the Asian countries have all the necessary conditions to make it a good market for investment. In fact, it is not only the Asian countries that are attracting investors and jobs; even European countries like Italy and Spain have started to take advantage of the economic growth in Asia.
Another reason why Asian economic growth has been positive for the . . . . . . economy is because it helped in diversification of the economy. When there are so many resources available in any one area of the world, many companies with many potentials become interested in tapping these resources. With the opening up of more Asian countries to the outside world, the demand for labor becomes very high. As more companies look for labor, the Asians have become a nice choice for many multinational companies looking for labor without paying too much money. By creating more opportunities for employment, the Asians have become better educated and the overall quality of life in the country has improved dramatically. If you have an excellent education, an improved standard of living, and an ability to travel anywhere you want, the Asian countries are perfect for you.
One of the great things about Asian economic growth is that we are still seeing many of these benefits being enjoyed by ordinary citizens of Asia, even though the economy of their countries is flourishing. The Asians have proved time again that when they were given the opportunity, they did not take it for granted. They invested in education and health care, gave much to the world community, and made the world a better place. So, when you are planning your retirement, you should think of investing in Asia. There are nothing but good to come from this continent.