A Socio-Economic Perspective for Asia - Research Paper Example

Asia- A Socio- Economic Perspective Asia Asia: The land of ancient civilizations is the largest continent in the world. It is surrounded by not only Arctic Ocean, Pacific Ocean, and Indian Ocean but also it shares its boundaries with Europe and Africa. Principal regions in Asia can be broadly classified into – West, Central, South, South East, East, And North. Perhaps due to Asia’s rich culture, fertile lands, and great civilizations, Asia always became a Pole Star for rest of the world.

Activities in its social, economical, and political front made a significant impact globally. ‘History Marks’ of Asia go before Bronze Age (about 9000 BC). Some of the Great Civilizations nurtured in Asian region. Mesopotamia, Indus Valley, and China are named few. In Iron Age followed by middle age and further present modern period, Asia always became an attractive destination from great emperors to great traders. Advances in science, technology, arts and culture are evident in ancient Asia.

In Iron Age, discovery of Silk route, connected major Asian regions with each other for example trade between China and India flourished and socio economic ideas got exchanged. Great Emperors and dynasties like The Persian Empire, Greek Empire (Alexander The Great), Maurya Empire, The Mongol Empire came into existence time to time and significantly influenced the diversified culture of Asia. In Modern Period (from 1500 AD) Asia again faced a lot of changes due to zeal of colonization, shift of powers, social and political reforms.

At present, Asia is a mix of different cultures, societies, economies. Few major Asian countries which mostly have been talked about are India, China, Japan, and Korea. Japan: As quoted by Rao Janardhan N in his book- “Japan gained competitive strength through its technological supremacy and achieved the status of one of the major economic and investment regions of the world”i. The Land of Rising Sun is a small island but a major role player in global platform. Japan is the second largest economy on the world.

This is owing to a high contribution from its international trade businesses. Japan has vast opportunities which keep on unfolding because of its abundant and well educated industrial work force coupled with strong leadership. This also accounts for the high industrial growth. Though industrially very strong, Japan is comparatively weaker in agriculture and service sectors. Currently with an annual growth rate of 0.90% in the third quarter of 2010, Japan is expanding enormously. Though the exports have not risen significantly, there has been a strong demand in the domestic sector which is the prime reason for such a high growth rate.

The population of Japan is more than 127 million (source: IMF report), Its GDP based on Purchasing Power Parity (PPP) per capita GDP is 33478.14 USD and is expected to rise further in the near future (IMF report findings). Following are some of the facts and figures about Japan:- Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange rate 0.00% 0.90% 0.20% 5.00% 1960 84.1045 *sourceii China: It is a nation of more than four thousand years of history. After the World War II communist government came into powered and shielded China from other countries.

Now the People’s Republic of China has inclined towards open market and that is the reason considerable number of free trade agreements have been processed in last decades. “The Chinese economy once largely based on agriculture, but now the focus is more on sophisticated products such as electronics and other light manufacturing goods. Its growth rate too has been extra ordinary”.iii China is currently riding the economy wave because of its surplus in the trade business. Exports have been rising continuously in China over the past decade.

With its high GDP growth rate touching approximately 10%, China is soon going to overcome Japan in terms of the total GDP which is currently close to 4909 billion USD. The population of China is more than 1341 million (source: IMF report), Its GDP based on Purchasing Power Parity (PPP) per capita GDP is 7239.91 USD and is expected to double by the end of 2015 (IMF report findings). Following are some of the facts and figures about China:-. Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange rate 5.56% 9.60% 4.40% 4.20% 70500 6.

6686 *sourceiv India: The land where eminent personalities like Mahatma Gandhi and Light of Asia- Lord Buddha were born. Virtue of Karma and Nirvana-“A release from the constant cycle of birth and rebirth and a cessation of any consciousness of self” (Nelson and Pebblesv) , originated here and later on, spread all over the world. This country has been growing significantly and is also included in the top four fastest growing nations (others include Brazil, Russia and China). Vastly diverse country in terms of traditions, religions and cultures, India is one of the fastest growing economies in the world with a GDP growth rate close to 8.80%. The huge growth rate is a result of lot of investments from FDIs and FIIs coupled with a rising service sector which is the major contributor to the GDP.

The country has a population of more than 1215 million people (IMF report). The negative current account and a high inflation rate is a source of worry for the Government. India is a democratic country with a comparatively stable political system. The following numbers give a picture of the current economic status of India:- Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange rate 5.25% 8.80% 9.82% 8.00% -14 45.8550 *sourcevi Korea: Korea is geographically divided into two different countries with different political systems- North and South Korea.

There has also been animosity between the two nations with either of the two trying to take over the other. South Korea, even under such circumstances is doing well in terms of maintaining a huge surplus in the current account on a consistent year on year basis. With a small population of approximately 49 million people, South Korea has a GDP of close to 929.12 billion USD. The enormously high exchange rate vis-à-vis USD (1159.63 USD) is a source of major concern for the government. Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange rate 2.50% 0.70% 4.10% 3.70% 4056 1159.

6250 *sourcevii Notes