East and West Asia Research Paper

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Economies of South and East Asia

Which realm will have the most success in economic growth in the next 20 years?

The economy of East Asia has been one of the most successful examples of economic growth that the world has ever known. This region includes developed economies found in countries such as China, Japan, Hong Kong, South Korea, and Taiwan. The level of economic growth that these countries have achieved has been referred to as an economic miracle by some. By contrast, the South Asian countries, have yet to develop as rapidly as those found in East Asia -- although economically impressive on their own right. India is by far the largest economy in South Asia but this group also includes countries such as Bangladesh, Pakistan, and Sri Lanka. Although these regions have developed on significantly different paths, one of the interesting questions will be how these regions will fare into the next couple decades.

India and China are the two main considerations in such an analysis given the size of their populations and the resulting opportunities to be found within their economies. However, these two economic powerhouses have developed along substantially different lines. Since the start of China's economic reforms in 1978, the country has risen from a rural society to an international economic powerhouse with economic growth outpacing the average of even the developed countries.

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Since the late 1970s China's GDP growth rates have averaged roughly nine percent, and have used this growth path to accumulate the fourth largest total GDP worldwide. However, despite this momentum, there have been recent indications that the economy is slowing.

China's exports fell 6.8% in dollar terms year-on-year in November, their fifth consecutive monthly drop, according to official figures released recently; ANZ Bank economists said in a research note sent to International Business Times that the continued decline in imports showed China's "domestic demand remained weak. (Hewitt, 2015)" A strengthened dollar has weakened the demand for Chinese exports while the country has also seen a reduction in imports which has led to a reduction in the trade surplus which is one of China's most important economic drivers.

India by contrast has a comparatively slower development path when compared to China. While China has focused mostly on manufacturing, India invested more in education and technology which can be considered more of a long-term strategy. However, India made advancing economic progress after 2003,….....

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