Asian Economy

ASAIN ECONOMY
Introduction:
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.6% of the Earth's total surface area (or 29.9% of its land area) and with approximately 4 billion people, it hosts 60% of the world's current human population. During the 20th century Asia's population nearly quadrupled.

Asia is traditionally defined as part of the landmass of Eurasia-with the western portion of the latter occupied by Europe-located to the east of the Suez Canal, east of the Ural Mountains and south of the Caucasus Mountains (or the Kuma-Manych Depression) and the Caspian and Black Seas. It is bounded on the east by the Pacific Ocean, on the south by the Indian Ocean and on the north by the Arctic Ocean. Given its size and diversity, Asia-atoponym dating back to classical antiquity-is more a cultural concept incorporating a number of regions and peoples than a homogeneous physical entity. The wealth of Asia differs very widely among and within its regions, due to its vast size and huge range of different cultures, environments, historical ties and government systems.

Economy:
Asia has the third largest nominal GDP of all continents, after North America and Europe   but the largest when measured in PPP. As of 2010, the largest economies in Asia are China, Japan, India, South Korea and Indonesia. Since the 1960s, South Korea had maintained the highest economic growth rate in Asia, nicknamed as an Asian tiger, becoming a newly industrialized country in the 1980s and a developed country by the 21st century.

In the late 1990s and early 2000s, the economies of the PRC and India have been growing rapidly, both with an average annual growth rate of more than 8%. Other recent very high growth nations in Asia include Malaysia, the Philippines, Pakistan, Thailand, Vietnam, Mongolia, Uzbekistan, Cyprus, and mineral-rich nations such asKazakhstan, Turkmenistan, Iran, Brunei, United Arab Emirates,... [continues]

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