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East Asian Economy and the 2008/2009 Financial Crisis - Essay Example

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This essay tries to evaluate the negative economic impacts of the financial crisis of 2008 on the East Asian economies. Irrespective of economic status of a country, the current crisis has affected all the countries in one way or other, as it is described in this essay…
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East Asian Economy and the 2008/2009 Financial Crisis
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Download file to see previous pages This essay analyses the economic prospects of East Asian countries, following the economic crisis of 2008, and focuses on Chinese economy, as an example. As it shown in the paper, it is difficult for the East Asian countries to sustain their economic growth pattern for a longer period amidst the aftermath of the financial crisis.
China, India, Japan, and Korea are some of the major countries in Asia. Most of the Asian countries have been less affected by the current crisis compared to the European countries and America. Some of them had already experienced similar financial crisis in the recent past itself which helped them to take effective measures as soon as the economic crisis erupts. India, China, Korea and Japan like major players of Asian economy have taken effective measures to counter the current crisis which was a lesson to the westerners.
China’s economy is huge compared to all the other East Asian countries and it is expanding rapidly towards attaining a stable proposition. Last 30 years, the world has witnessed miraculous Chinese economic growth, averaging 8% growth in Gross Domestic Product (GDP) per annum. The economy has grown in all the segments more than 10 times during that period.
Human right violations, corruption, censorship of media dissatisfaction among the public, water crisis, energy crisis seem to be the major areas of concern for the Chinese development. The destruction of American economy has diminished the prospects of Chinese products in one of the biggest consumer markets of the world.
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