Estimated reading time: 5 minutes
“The economic power in the world is shifting”
There is an old saying in English that goes: yesterday is history and tomorrow’s a mystery! Joking aside, the global economy status has drastically changed in the past 10 years. We’re talking ASIA here. Asia is not the next big thing. Asia is the TODAY of the world’s economics, because it’s happening HERE and NOW. In this blog, we’ve put together a list to showcase Asia’s real strength in regard to the macroeconomy, so let’s have a look at the Top 5 Asian Economies together!
This one doesn’t really need an introduction whatsoever. China is not only the number one Asian economy, but the world’s leader in 2017 according to the International Monetary Fund. Although criticised by many for being a ‘bubble economy’ (the overexploitation of natural resources that will eventually run out), China is definitely living in the moment and the facts stand as proof – China currently occupies world-leading positions on all major economic branches (agriculture, natural resources, industry, and services).
Japan is a country to be admired. Pretty shaken up after World War II, Japan has risen like crazy in the past 50 years and currently occupies the position for the second largest economy in Asia and number 4 in the world. What made this possible was mainly the amazing collective mentality and spirit of the Japanese people that basically focus on community rather than the individual. Something we all should learn! Now it’s undoubtedly the land of robotics and automatization, a truly market-oriented economy!
India isn’t only worth a visit as the fastest growing economy in the world, but also for its culture. Photo by Free-Photos / CC BY
Great things are currently happening in India. The third biggest Asian economy (6th in the world) is looking a lot into the future. A young population sustaining the country for at least several generations to come, India’s future is definitely looking bright. They are currently rocking the economic sectors of agriculture, industry, being one of the leading countries in the world in IT & software sector as services.
4. South Korea
South Korea is another interesting economy in the Far East. Currently ranked 4th in all Asia and 14th in the world last year, it’s definitely another one to watch. Its rise is absolutely spectacular, as it has converted from one of the most disfavored countries in South-West Asia to a G-20 member. And guess what – that only took one generation! Impressive, right? Although a mixed economy, shipbuilding is what South Korea is globally famous for, as well as their great automobile industry, with brands like Hyundai, Kia or SsangYong.
You might also be interested in: Top 5 Reasons to Study in South Korea
Last but not least, Singapore is going to end our amazing list of the Top 5 Asian economies. Singapore is simply… EXQUISITE. That’s the word – exquisite. Want to know what business people think of Singapore? Well, these would be the adjectives they use to describe to describe the easiness of business in Singapore: ‘pro-business’, ‘most open on the globe’, or ‘taxation paradise’. Singapore’s economy depicts a highly developed society, main sectors producing wealth being the services (banking, real estate, etc.). And since an economy is only driven by an outstanding educational system, it can firmly be stated that education in Singapore is flawless.
Asia is the TODAY of the world’s economics, because it’s happening HERE and NOW. Are you ready?
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This text was written by The Study Abroad Portal!