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asia

         Asia is the earth’s largest and most populous continent located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and comprises 30% of its land area. With approximately 4.427 billion people, it hosts 60% of the world's current human population. Like most of the world, Asia has a high growth rate in the modern era. For instance, during the 20th century, Asia's population nearly quadrupled, as did the world population.

       The boundaries of Asia are culturally determined, as there is no clear geographical separation between it and Europe, which together form one continuous landmass called Eurasia. The most commonly accepted boundaries place Asia to the east of the Suez Canal, the Ural River, and 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, the concept of Asia - a name dating back to classical antiquity - may actually have more to do with human geography than physical geography. Asia varies greatly across and within its regions with regard to ethnic groups, cultures, environment, economics, historicalties and government systems.

Asia Map:  

  Boundaries

         Asia's latitude and longitude is 49.8380° N, 105.8203° E which Located primarily in the eastern and northern hemispheres. The Asian continent covers 8.6 percent of the Earth's total surface area, or 30 percent of the Earth's total land area.
List of Asia countries and their longitude and latitude:


 

Greekthreee-Continent System:
          The border between Asia and Europe has historically been determined by Europeans only. The original distinction between the two was made by the ancient Greeks. They used the Aegean Sea, the Dardanelles, the Sea of Marmara, the Bosporus, the Black Sea, the Kerch Strait, and the Sea of Azov as the border between Asia and Europe. The Nile was often used as the border between Asia and Africa (then called Libya), although some Greek geographers suggested the Red Sea would form a better boundary. Darius' canal between the Nile and the Red Sea introduced considerable variation in opinion. Under the Roman Empire, the Don River emptying into the Black Sea was the western border of Asia. It was the northernmost navigable point of the European shore.  In the 15th century the Red Sea became established as the boundary between Africa and Asia, replacing the Nile.

 

Asia–Europe boundary:
         The Don River became unsatisfactory to northern Europeans when Peter the Great, king of the Tsardom of Russia, defeating rival claims of Sweden and the Ottoman Empire to the eastern lands, and armed resistance by the tribes of Siberia, synthesized a new Russian Empire extending to the Ural Mountains and beyond, founded in 1721. The major geographical theorist of the empire was actually a former Swedish prisoner-of-war, taken at the Battle of Poltava in 1709 and assigned toTobolsk, where he associated with Peter's Siberian official, Vasily Tatishchev, and was allowed freedom to conduct geographical and anthropological studies in preparation for a future book.
In Sweden, five years after Peter's death, in 1730 Philip Johan von Strahlenberg published a new atlas proposing the Urals as the border of Asia. The Russians were enthusiastic about the concept, which allowed them to keep their European identity in geography. Tatishchev announced that he had proposed the idea to von Strahlenberg. The latter had suggested the Emba River as the lower boundary. Over the next century various proposals were made until the Ural River prevailed in the mid-19th century. The border had been moved perforce from the Black Sea to the Caspian Sea into which the Ural River projects. In the maps of the period, Transcaucasia was counted as Asian. The incorporation of most of that region into the Soviet Union tended to push views of the border to the south. Asian cultures had no say in this system of determining the imaginary boundaries separating them from Europe.

 

Asia–Oceania boundary:
        The border between Asia and the loosely defined region of Oceania is usually placed somewhere in the Malay Archipelago. The terms Southeast Asia and Oceania, devised in the 19th century, have had several vastly different geographic meanings since their inception. The chief factor in determining which islands of the Malay Archipelago are Asian has been the location of the colonial possessions of the various empires there (not all European). Lewis and Wigen assert, "The narrowing of 'Southeast Asia' to its present boundaries was thus a gradual process."

 

 Economy

       Asia has the second largest nominal GDP of all continents, after Europe, but the largest when measured in purchasing power parity. As of 2011, the largest economies in Asia are China, Japan, India, South Korea and Indonesia. Based on Global Office Locations 2011, Asia dominated the office locations with 4 of top 5 were in Asia, Hong Kong, Singapore, Tokyo, Seoul and Shanghai. Around 68 percent of international firms have office in Hong Kong.

        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 Israel, Malaysia, Indonesia, Bangladesh, Pakistan, Thailand, Vietnam, Mongolia, Uzbekistan, Cyprus and the Philippines, and mineral-rich nations such as Kazakhstan, Turkmenistan, Iran, Brunei, united Arab emirates, Qatar, Kuwait, Saudi Arabia, Bahrain and Oman.  According to economic historian Angus Madison in his book The World Economy. A Millennial Perspective, India had the world's largest economy during 0 BCE and 1000 BCE.

China was the largest and most advanced economy on earth for much of recorded history, until the British Empire (excluding India) overtook it in the mid-19th century. For several decades in the late twentieth century Japan was the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1986 and Germany in 1968. (NB: A number of super national economies are larger, such as the European Union (EU), the North (NAFTA) or APEC). This ended in 2010 when China overtook Japan to become the world's second largest economy.
        In the late 1980s and early 1990s, Japan's GDP was almost as large (current exchange rate method) as that of the rest of Asia combined.   In 1995, Japan's economy nearly equaled that of the USA as the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen/US$. Economic growth in Asia since World War II to the 1990s had been concentrated in Japan as well as the four regions of South Korea, Taiwan, Hong Kong and Singapore located in the Pacific Rim, known as the Asian tigers, which have now all received developed country status, having the highest GDP per capita in Asia.
        It is forecasted that India will overtake Japan in terms of nominal GDP by 2020. By 2027, according to Goldman Sachs, China will have the largest economy in the world.
Several trade blocs exist, with the most developed being the Association of Southeast Asian Nations.
       Asia is the largest continent in the world by a considerable margin, and it is rich in natural resources, such as petroleum, forests, fish, water, rice, copper and silver. Manufacturing in Asia has traditionally been strongest in East and Southeast Asia, particularly in the China, Taiwan, South Korea, Japan, India, the Philippines, and Singapore. Japan and South Korea continue to dominate in the area of multinational corporations, but increasingly the PRC and India are making significant inroads. Many companies from Europe, North America, South Korea and Japan have operations in Asia's developing countries to take advantage of its abundant supply of cheap labour and relatively developed infrastructure.
      According to Citigroup 9 of 11 Global Growth Generators countries came from Asia driven by population and income growth. They are Bangladesh, China, India, Indonesia, Iraq, Mongolia, Philippines, Sri Lanka and Vietnam.
      Asia has four main financial centers: Tokyo, Hong Kong, Singapore and Shanghai. Call centers and business process outsourcing (BPOs) are becoming major employers in India and the Philippines due to the availability of a large pool of highly skilled, English-speaking workers.

 The increased use of outsourcing has assisted the rise of India and the China as financial centers. Due to its large and extremely competitive information technology industry, India has become a major hub for outsourcing.
       In 2010, Asia had 3.3 million millionaires (people with net worth over US$1 million excluding their homes), slightly below North America with 3.4 million millionaires. Last year Asia had toppled Europe. Citigroup in The Wealth Report 2012 stated that Asian centa-millionaire overtook North America's wealth for the first time as the world's "economic center of gravity" continued moving east. At the end of 2011, there were 18,000 Asian people mainly in Southeast Asia, China and Japan who have at least $100 million in disposable assets, while North America with 17,000 people and Western Europe with 14,000 people.

 

Realizing the Asian Century: Asia’s Role in the World
     Asia’s growth and much larger footprint in the global economy will bring with it new challenges, responsibilities and obligations. This has far reaching implications for the region’s role in the world, how it sees its long-term self-interest and how it interacts with other parts of the world.
Asia will need to rethink its role on a very wide range of issues and institutions: from its stake in the global commons—global trade and financial systems— to its relation to other regions, to the implications of domestic and regional policies for others, to Asia’s role in international development assistance in Africa and so on. It is also obvious that global peace and security are a prerequisite for Asia’s economic and social well-being. The region will need to fundamentally transform its role in global governance.
A rising stake in the global commons
      The central implication of Asia possibly accounting for half or more of global GDP and population by 2050 is that the center of gravity of the global economy will shift gradually from the Atlantic Ocean to the Pacific Ocean, and ultimately to mainland Asia. As Asia becomes the heart of the global economy, it will be absolutely important for Asia’s own well-being that the global commons on which the global economy depends and prospers continue to function effectively and efficiently. As a result, Asia will become the biggest stakeholder in the global commons, including an open trading system, a stable financial system, international rule of law, and, of course, in peace and security throughout the world.

Without these global commons, Asia will not be able to grow and prosper. Accordingly, Asia must take greater ownership of the global commons. Indeed, in its own self-interest, the region should become a forceful advocate and defender of the global commons. Its efforts to enhance regional cooperation must not be at the cost of Asia’s traditional openness to the rest of the world. Asia must adhere to its long-standing strategy of “open regionalism”.
 

Global trading system
 East Asia’s growth since the 1950s was greatly facilitated by an increasingly open global trading System.  Asia has profited handsomely from such globalization. Today, Asia’s trade to GDP ratio is the highest amongst the major regions. In the future, even as domestic and intraregional markets account for a larger share of Asian economies, the region will need to continue to trade heavily with the rest of world to supply the ultimate consumers in North America and Europe, acquire the latest technologies and the know-how wherever they exist in the world, and import natural resources (energy; other minerals, food) needed by the domestic economies. In short, it is of vital interest to Asia that the world continues to have an open and free trading system.

 

Global financial system
 Finance is global, and therefore while national reforms are necessary and regional cooperation Desirable, they are not sufficient. Therefore, Asia must also pay much more attention to the health and robustness of the global financial system. With its enormous savings and investment rates Asia should host some of the largest global equity, debt and banking markets well before 2050. It is Already the biggest holder of global reserves. As a region heavily reliant on trade, Asia would therefore have huge stakes in a well-functioning and fair international monetary system and related institutions. It will be in Asia’s vital interest that the global financial systems are sound and efficient (in addition to its own domestic and regional financial institutions and markets). This is necessary for the region’s savers to have acceptable risk adjusted returns and for its economies to have access to investment funds at rates that are competitive with investors elsewhere. Given its rising weight in global reserves, savings and investments, the region will have an opportunity to increasingly shape the global financial architecture, the monetary system and global financial intermediation. Asia needs to play an active and constructive role in the governance of the global Monetary and financial system.
Stance on climate change
        Developing Asia’s stance on climate change requires a fundamental reassessment. Analysis carried out for this study demonstrates that early and aggressive action on climate change is in Asia’s own self-interest— socially, economically and politically. A change in its current stance will also be an early demonstration to the world community that Asia is willing and able to play a constructive role in the global commons.
Stake in global peace and prosperity
         As Asia becomes the centre of the global economy, it will be in its own self-interest that the rest of the world is also doing well economically and politically. Peace and security throughout the world will be essential for its own long-term prosperity. Since the end of World War II and until now, Asian Countries have not felt the need to play a proactive role in sustaining global peace and security. The Western powers were keen and able to play that role. But, it may no longer be adequate for Asia to play a secondary role. In line with the rise in its share of the global economy and thus its rising stake in the well being of the rest of the world, Asia needs to devote greater intellectual and material resources—jointly with Europe and North America—to the economic, social and political stability of the world as whole. The change in Asia’s role is neither necessary nor will it come immediately, but it will happen gradually. But Asia needs to start preparing for it soon.

Geography and Climate     

  Asia is the largest continent on Earth. It covers 8.8% of the Earth's total surface area (or 30% of its land area), and has the largest coastline, at 62,800 kilometres (39,022 mi). Asia is generally defined as comprising the eastern four-fifths of Eurasia. It is located to the east of the Suez Canal and 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. Asia is subdivided into 48 countries, two of them (Russia and Turkey) having part of their land in Europe.
                Asia has extremely diverse climates and geographic features. Climates range from arctic and subarctic in Siberia to tropical in southern India and Southeast Asia. It is moist across southeast sections and dry across much of the interior. Some of the largest daily temperature ranges on Earth occur in western sections of Asia. The monsoon circulation dominates across southern and eastern sections, due to the presence of the Himalayas forcing the formation of a thermal low which draws in moisture during the summer. South-western sections of the continent are hot. Siberia is one of the coldest places in the Northern Hemisphere, and can act as a source of arctic air masses for North America. The most active place on Earth for tropical cyclone activity lies northeast of the Philippines and south of Japan. The Gobi Desert is in Mongolia and the Arabian Desert stretches across much of the Middle East. The Yangtze River in China is the longest river in the continent. The Himalayas between Nepal and China is the tallest mountain range in the world. Tropical rainforests stretch across much of southern Asia and coniferous and deciduous forests lie farther north.

   History

  The history of Asia can be seen as the distinct histories of several peripheral coastal regions: East Asia, South Asia, Southeast Asia and the Middle East, linked by the interior mass of the Central Asian steppes. The coastal periphery was home to some of the world's earliest known civilizations, each of them developing around fertile river valleys. The civilizations in Mesopotamia, the Indus Valley and the Huanghe shared many similarities. These civilizations may well have exchanged technologies and ideas such as mathematics and the wheel. Other innovations, such as writing, seem to have been developed individually in each area. Cities, states and empires developed in these lowlands.
      The central steppe region had long been inhabited by horse-mounted nomads who could reach all areas of Asia from the steppes. The earliest postulated expansion out of the steppe is that of the Indo-Europeans, who spread their languages into the Middle East, South Asia, and the borders of China, where the Tocharians resided. The northernmost part of Asia, including much of Siberia, was largely inaccessible to the steppe nomads, owing to the dense forests, climate and tundra. These areas remained very sparsely populated.
The center and the peripheries were mostly kept separated by mountains and deserts. The Caucasus and Himalaya mountains and the Karakum and Gobi deserts formed barriers that the steppe horsemen could cross only with difficulty. While the urban city dwellers were more advanced technologically and socially, in many cases they could do little in a military aspect to defend against the mounted hordes of the steppe. However, the lowlands did not have enough open grasslands to support a large horse bound force; for this and other reasons, the nomads who conquered states in China, India, and the Middle East often found themselves adapting to the local, more affluent societies.
      The Islamic Caliphate took over the Middle East and Central Asia during the Muslim conquests of the 7th century. The Mongol Empire conquered a large part of Asia in the 13th century, an area extending from China to Europe. Before the Mongol invasion, Song China reportedly had approximately 120 million citizens; the 1300 census which followed the invasion reported roughly 60 million people. 
      The Black Death, one of the most devastating pandemics in human history, is thought to have originated in the arid plains of central Asia, where it then travelled along the Silk Road.
The Russian Empire began to expand into Asia from the 17th century, and would eventually take control of all of Siberia and most of Central Asia by the end of the 19th century. The Ottoman Empire controlled Anatolia, the Middle East, North Africa and the Balkans from the 16th century onwards. In the 17th century, the Manchu conquered China and established the Qing Dynasty. In the 16th century, the Islamic Mughal Empire controlled much of India.

Important Countries in Asia

I. India
      According to the International Monetary Fund (IMF), as of 2014, the Indian economy is nominally worth US $2.047 trillion; it is the eleventh-largest economy by market exchange rates, and is, at US $7.277 trillion, the third-largest by purchasing power parity, or PPP. With its average annual GDP growth rate of 5.8% over the past two decades, and reaching 6.1% during 2011–12, India is one of the worlds. However, the country ranks 140th in the world in nominal GDP per capita and 129th in GDP per capita at PPP. Until 1991, all Indian governments followed protectionist policies that were influenced by socialist economics. Widespread state intervention and regulation largely walled the economy off from the outside world. An acute balance of payments crisis in 1991 forced the nation to liberalise its economy; since then it has slowly moved towards a free-market system by emphasising both foreign trade and direct investment inflows. India's recent economic model is largely capitalist. India has been a member of WTO since 1 January 1995.
The 486.6-million worker Indian labour force is the world's second-largest, as of 2011. The service sector makes up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and potatoes. Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. In 2006, the share of external trade in India's GDP stood at 24%, up from 6% in 1985. In 2008, India's share of world trade was 1.68%; In 2011, India was the world's tenth-largest importer and the nineteenth-largest exporter. Major exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather manufactures. Major imports include crude oil, machinery, gems, fertiliser, and chemicals. Between 2001 and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.
       Averaging an economic growth rate of 7.5% for several years prior to 2007, India has more than doubled its hourly wage rates during the first decade of the 21st century.
 Some 431 million Indians have left poverty since 1985; India's middle classes are projected to number around 580 million by 2030. Though ranking 51st in global competitiveness, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010. With 7 of the world's top 15 information technology outsourcing companies based in India, the country is viewed as the second-most favourable outsourcing destination after the United States, as of 2009. India's consumer market, currently the worlds eleventh-largest, is expected to become fifth-largest by 2030.  India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11, and after the first quarter of 2013, India surpassed Japan to become the third largest Smartphone market in the world after China and the U.S.
        Its automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10, and exports by 36% during 2008–09. Power capacity is 250 gigawatts, of which 8% is renewable. At the end of 2011, Indian IT Industry employed 2.8 million professionals, generated revenues close to US$100 billion equalling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.
The Pharmaceutical industry in India is among the significant emerging markets for global pharma industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India's R & D spending constitutes 60% of Biopharmaceutical industry. India is among the top 12 Biotech destinations of the world. The Indian biotech industry grew by 15.1% in 2012–13, increasing its revenues from 204.4 Billion INR (Indian Rupees) to 235.24 Billion INR (3.94 B US$ - exchange rate June 2013: 1 US$ approx. 60 INR). Although hardly 2% of Indians pay income taxes.
     Despite impressive economic growth during recent decades, India continues to face socio-economic challenges. India contains the largest concentration of people living below the World Bank's international poverty line of US$1.25 per day, the proportion having decreased from 60% in 1981 to 42% in 2005, and 25% in 2011 30.7% of India's children under the age of five are underweight, half the children under five suffer from chronic malnutrition, and in the states of Madhya Pradesh, Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Jharkhand, Karnataka, and Uttar Pradesh, which account for 50.04% of India's population, 70% of the children between the ages of six months and 59 months are anaemic.
The Mid-Day Meal Scheme attempts to lower these rates. Since 1991, inequality between India's states has consistently grown: the per-capita net state domestic product of the richest states in 2007 was 3.2 times that of the poorest. Corruption in India is perceived to have increased significantly, with one report estimating the illegal capital flows since independence to be US$462 billion.
      Driven by growth, India's nominal GDP per capita has steadily increased from US$329 in 1991, when economic liberalisation began, to US$1,265 in 2010, and is estimated to increase to US$2,110 by 2016; however, it has remained lower than those of other Asian developing countries such as Indonesia, Iran, Malaysia, Philippines, Sri Lanka, and Thailand, and is expected to remain so in the near future. While it is currently higher than Pakistan, Nepal, Bangladesh and others
According to a 2011 PricewaterhouseCoopers report, India's GDP at purchasing power parity could overtake that of the United States by 2045. During the next four decades, Indian GDP is expected to grow at an annualised average of 8%, making it potentially the world's fastest-growing major economy until 2050.

The report highlights key growth factors: a young and rapidly growing working-age population; growth in the manufacturing sector because of rising education and engineering skill levels; and sustained growth of the consumer market driven by a rapidly growing middle class. The World Bank cautions that, for India to achieve its economic potential, it must continue to focus on public sector reform, transport infrastructure, agricultural and rural development, removal of labour regulations, education, energy security, and public health and nutrition.
    Citing persistent inflation pressures, weak public finances, limited progress on fiscal consolidation and ineffectiveness of the government, rating agency Fitch revised India's Outlook to Negative from Stable on 18 June 2012. Another credit rating agency S&P had warned previously that a slowing GDP growth and political roadblocks to economic policy-making could put India at the risk of losing its investment grade rating. However, Moody did not revise its outlook on India keeping it stable, but termed the national government as the "single biggest drag" on business activity

 

II. Malaysia
Malaysia is a relatively open state-oriented and newly industrialised market economy. The state plays a significant but declining role in guiding economic activity through macroeconomic plans. Malaysia has had one of the best economic records in Asia, with GDP growing an average 6.5 per cent annually from 1957 to 2005. In 2014, the GDP (PPP) was about $746.821  billion, the third largest economy in ASEAN and the 28th largest in the world. In 1991, former Prime Minister of Malaysia, Mahathir bin Mohamad outlined his ideal in Vision 2020, in which Malaysia would become a self-sufficient industrialised nation by 2020. Najib Razak has said Malaysia could attain developed country status much earlier from the actual target in 2020, adding the country has two program concept such asGovernment Transformation Programme and the Economic Transformation Programme. According to a report of HSBC, Malaysia will become the world's 21st largest economy by 2050, with a GDP of $1.2 trillion (Year 2000 dollars) and a GDP per capita of $29,247 (Year 2000 dollars). The report also says "The electronic equipment, petroleum, and liquefied natural gas producer will see a substantial increase in income per capita. Malaysian life expectancy, relatively high level of schooling, and above average fertility rate will help in its rapid expansion".
Viktor Shvets, the managing director of Credit Suisse, has said "Malaysia has all the right ingredients to become a developed nation"
     In the 1970s, the predominantly mining and agricultural-based economy began a transition towards a more multi-sector economy. Since the 1980s, the industrial sector, with a high level of investment, has led the country's growth. The economy recovered from the 1997 Asian financial crisis earlier than neighbouring countries did, and has since recovered to the levels of the pre-crisis era with a GDP per capita of $14,800. Economic inequalities exist between different ethnic groups. The Chinese make up about one-third of the population, but accounts for 70 per cent of the country's market capitalisation. Chinese businesses in Malaysia are part of the larger bamboo, a network of overseas Chinese businesses in the Southeast Asian market sharing common family and cultural ties.
       International trade, facilitated by the shipping route in adjacent Strait of Malacca, and manufacturing are the key sectors. Malaysia is an exporter of natural and agricultural resources, and petroleum is a major export. Malaysia has once been the largest producer of tin, rubber and palm oil in the world.

Manufacturing has a large influence in the country's economy, although Malaysia's economic structure has been moving away from it. Malaysia remains one of the world's largest producers of palm oil.
      In an effort to diversify the economy and make it less dependent on export goods, the government has pushed to increase tourism to Malaysia. As a result, tourism has become Malaysia's third largest source of foreign exchange, although it is threatened by the negative effects of the growing industrial economy, with large amounts of air and water pollution along with deforestation affecting tourism. The tourism sector came under some pressure in 2014 when the national carrier Malaysia Airlines had one of its planes disappear in March, while another was brought down by a missile over Ukraine in July, resulting in the loss of a total 537 passengers and crew. The state of the airline, which had been unprofitable for 3 years, prompted the government in August 2014 to nationalise the airline by buying up the 30 per cent it did not already own. Between 2013 and 2014, Malaysia has been listed as one of the best places to retire in the world too, with the country in third position on the Global Retirement Index. This in part was the result of the Malaysia My Second Home programme to allow foreigners to live in the country on a long-stay visa for up to 10 years.
The country has developed into a centre of Islamic banking, and is the country with the highest numbers of female workers in that industry. Knowledge-based services are also expanding. To create a self-reliant defensive ability and support national development, Malaysia privatised some of its military facilities in the 1970s. The privatisation has created defence industry, which in 1999 was brought under the Malaysia Defence Industry Council. The government continues to promote this sector and its competitiveness, actively marketing the defence industry.
       Science policies in Malaysia are regulated by the Ministry of Science, Technology, and Innovation. The country is one of the world's largest exporters of semiconductor devices, electrical devices, and IT and communication products. Malaysia began developing its own space programme in 2002, and in 2006, Russia agreed to transport one Malaysian to the International Space Station as part of a multi-billion dollar purchase of 18 Russian Sukhoi Su-30MKM fighter jets by the Royal Malaysian Air Force. The government has invested in building satellites in through the razaksat programme.

 

Infrastructure
The infrastructure of Malaysia is one of the most developed in Asia. Its telecommunications network is second only to Singapore's in Southeast Asia, with 4.7 million fixed-line subscribers and more than 30 million cellular subscribers. The country has seven international ports, the major one being the Port Klang. There are 200 industrial parks along with specialised parks such as Technology Park Malaysia and Kulim Hi-Tech Park. Fresh water is available to over 95 per cent of the population. During the colonial period, development was mainly concentrated in economically powerful cities and in areas forming security concerns. Although rural areas have been the focus of great development, they still lag behind areas such as the West Coast of Peninsular Malaysia. The telecommunication network, although strong in urban areas, is less available to the rural population.
       Malaysia's road network covers 144,403 kilometres (89,728 mi) and includes 1,821 kilometres (1,132 mi) of expressways. The longest highway of the country, the North-South Expressway, extends over 800 kilometres (497 mi) between the Thai border and Singapore. In Budget 2015, the government announced a RM27 billion (US$8.23 billion) budget for the implementation of thePan Borneo Highway project, which aims to upgrade all trunk roads to dual carriage expressways, bringing the standard of East Malaysian highways to the same level of quality of West Malaysian highways Malaysia has 118 airports, of which 38 are paved.
The country's official airline is Malaysia Airlines, providing international and domestic air service alongside two other carriers. The railway system is state-run, and covers a total of 1,849 kilometres (1,149 mi). Relatively inexpensive elevated Light Rail Transit systems are used in some cities, such as Kuala Lumpur. The Asean Rail Express is a railway service that connects Kuala Lumpur to Bangkok, and is intended to eventually stretch from Singapore to China
      Traditionally, energy production in Malaysia has been based on oil and natural gas. The country has 13 GW of electrical generation capacity. However, the country only has 33 years of natural gas reserves, and 19 years of oil reserves, while the demand for energy is increasing. In response, the government is expanding into renewable energy sources. Sixteen per cent of electricity generation is hydroelectric, the remaining 84 per cent being thermal. The oil and gas industry is dominated by state owned Petronas, and the energy sector as a whole is regulated by the Energy Commission of Malaysia, a statutory commission that governs the energy in the peninsula and Sabah, under the terms of the Electricity Commission Act of 2001.

 

III. Singapore
Before independence in 1965, Singapore was the capital of the British Straits Settlements, a Crown Colony. It was also the main British naval base in East Asia. Because it was the main British naval base in the region and held the Singapore Naval Base, the largest dry dock of its time, Singapore was commonly described in the press as the 'Gibraltar of the East'. The opening of the Suez Canal in 1869 caused a major increase in trade between Europe and Asia, helping Singapore become a major world trade center, and turning the Port of Singapore into one of the largest and busiest ports in the world. Prior to 1965, Singapore had a GDP per capita of $511, then the third-highest in East Asia. After independence, the combination of foreign direct investment and a state-led drive for industrialisation, based on plans by Goh Keng Swee and Albert Winsemius, started the expansion of the country's economy.
     Today, Singapore has a highly developed market economy, based historically on extended entrepot trade. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the original Four Asian Tigers. The Singaporean economy is known as one of the freest, most innovative, most competitive, and most business-friendly. The 2013 Index of Economic Freedom ranks Singapore as the second freest economy in the world, behind Hong Kong.
According to the Corruption Perceptions Index, Singapore is consistently ranked as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries.
       Singapore is the 14th largest exporter and the 15th largest importer in the world. The country has the highest trade-to-GDP ratio in the world at 407.9 percent, signifying the importance of trade to its economy. The country is currently the only Asian country to receive AAAcredit ratings from all three major credit rating agencies: Standard & Poor's, Moody's, Fitch. Singapore attracts a large amount of foreign investment as a result of its location, corruption-free environment, skilled workforce, low tax rates and advanced infrastructure. There are more than 7,000 multinational corporations from the United States, Japan, and Europe in Singapore. There are also approximately 1,500 companies from China and a similar number from India. Foreign firms are found in almost all sectors of the country's economy. Singapore is also the second-largest foreign investor in India. Roughly 44 percent of the Singaporean workforce is made up of non-Singaporeans. Over ten free-trade agreements have been signed with other countries and regions. Despite market freedom, Singapore's government operations have a significant stake in the economy, contributing 22% of the GDP.
Singapore also possesses the world's eleventh largest foreign reserves, and has one of the highest net international investment positions per capita. The currency of Singapore is the Singapore dollar, issued by the Monetary Authority of Singapore. It is interchangeable with the Brunei dollar.
      In recent years, the country has been identified as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income and tax exemptions on foreign-based income and capital gains. Australian millionaire retailer Brett Blundy, with an estimated personal wealth worth AU$835 million, and multi-billionaire Facebook co-founderEduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012). Singapore ranked fifth on the Tax Justice Network's 2013 Financial Secrecy Index of the world's top tax havens, scoring narrowly ahead of the United States.
Sectors:
Singapore is a world leader in several economic areas: The country is the world's fourth leading financial centre, the world's second largest casino gambling market, one of the world's top three oil-refining centres, the world's largest oil-rig producer, and a major hub for ship repair services. The port is one of the five busiest ports in the world.
The World Bank has named Singapore as the easiest place in the world to do business, and ranks Singapore the world's top logistics hub.
      In April 2013, for the first time, Singapore surpassed Japan in average daily foreign-exchange trading volume with $383 billion per day. So the rank became: the United Kingdom (41%), the United States (19%), Singapore (5.7) %, Japan (5.6%) and Hong Kong (4.1%).
      Singapore's economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 27% of the country's GDP in 2010, and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006, Singapore produced about 10% of the world's foundry wafer output. Singapore has a diversified economy, a strategy that the government considers vital for its growth and stability despite its size.
      Tourism also forms a large part of the economy, with 15.5 million tourists visiting the city-state in 2013. To attract more tourists, the government legalised gambling in 2005 and allowed two casino resorts (called Integrated Resorts) to be developed. Singapore also promotes itself as a medical tourism hub: about 200,000 foreigners seek medical care there each year.

Singapore medical services aim to serve at least one million foreign patients annually and generate USD 3 billion in revenue.
      Singapore is an education hub, and many foreign students study in Singapore. More than 80,000 international students studied in Singapore in 2006. Every morning, more than 5,000 Malaysian students cross the Johor–Singapore Causeway for education in Singapore. In 2009, 20% of all students in Singaporean universities were international students. The students were mainly from ASEAN, China and India.
       As a result of the recession in the early 2000s and a slump in the technology sector, Singapore's GDP contracted by 2.2% in 2001. The Economic Review Committee was set up in December 2001 and recommended several policy changes to revitalise the economy. Singapore has since recovered, due largely to improvements in the world economy; the economy grew by 8.3% in 2004, 6.4% in 2005, and 7.9% in 2006. After a contraction of 0.8% in 2009, the economy recovered in 2010, with GDP growth of 14.5%.Most work in Singapore is in the service sector, which employed 2,151,400 people out of 3,102,500 jobs in December 2010. The percentage of unemployed economically active people above age 15 is about 2%.

 

IV. Japan
Some of the structural features for Japan's economic growth developed in the Edo period, such as the network of transport routes, by road and water, and the futures contracts, banking and insurance of the Osaka rice brokers. During the Meiji period from 1868, Japan expanded economically with the embrace of the market economy. Many of today's enterprises were founded at the time, and Japan emerged as the most developed nation in Asia. The period of overall real economic growth from the 1960s to the 1980s has been called the Japanese post-war economic miracle: it averaged 7.5 percent in the 1960s and 1970s, and 3.2 percent in the 1980s and early 1990s.
      Growth slowed markedly in the 1990s during what the Japanese call the Lost Decade, largely because of the after-effects of the Japanese asset price bubble and domestic policies intended to wring speculative excesses from the stock and real estate markets. Government efforts to revive economic growth met with little success and were further hampered by the global slowdown in 2000. The economy showed strong signs of recovery after 2005; GDP growth for that year was 2.8 percent, surpassing the growth rates of the US and European Union during the same period.

As of 2012, Japan is the third largest national economy in the world, after the United States and China, in terms of nominal GDP, and the fourth largest national economy in the world, after the United States, China and India, in terms of purchasing power parity. As of December 2013, Japan's public debt was more than 200 percent of its annual gross domestic product, the second largest of any nation in the world. In August 2011, Moody's rating has cut Japan's long-term sovereign debt rating one notch from Aa3 to Aa2 in line with the size of the country's deficit and borrowing level. The large budget deficits and government debt since the 2009 global recession and followed by earthquake and tsunami in March 2011 made the rating downgrade. The service sector accounts for three quarters of the gross domestic product.
Exports:
Japan has a large industrial capacity, and is home to some of the largest and most technologically advanced producers of motor vehicles, electronics, machine tools, steel and nonferrous metals, ships, chemical substances, textiles, and processed foods. Agricultural businesses in Japan cultivate 13 percent of Japan's land, and Japan accounts for nearly 15 percent of the global fish catch, second only to China. As of 2010, Japan's labour force consisted of some 65.9 million workers. Japan has a low unemployment rate of around four percent.
Some 20 million people, around 17 per cent of the population, were below the poverty line in 2007. Housing in Japan is characterized by limited land supply in urban areas.
     Japan's exports amounted to US$4,210 per capita in 2005. As of 2012, Japan's main export markets were China (18.1 percent), the United States (17.8 percent), South Korea (7.7 percent), Thailand (5.5 percent) and Hong Kong (5.1 percent). Its main exports are transportation equipment, motor vehicles, electronics, electrical machinery and chemicals. Japan's main import markets as of 2012 were China (21.3 percent), the US (8.8 percent), Australia (6.4 percent), Saudi Arabia (6.2 percent), United Arab Emirates (5.0 percent), South Korea (4.6 percent) and Qatar (4.0 percent).

 

Imports
Japan's main imports are machinery and equipment, fossil fuels, foodstuffs (in particular beef), chemicals, textiles and raw materials for its industries. By market share measures, domestic markets are the least open of any OECD country. Junichiro Koizumi's administration began some pro-competition reforms, and foreign investment in Japan has soared. Japan ranks 27th of 189 countries in the 2014 Ease of doing business index and has one of the smallest tax revenues of the developed world.
Science and technology:
Japan is a leading nation in scientific research, particularly technology, machinery and biomedical research. Nearly 700,000 researchers share a US$130 billion research and development budget, the third largest in the world. Japan is a world leader in fundamental scientific research, having produced nineteen Nobel laureates in either physics, chemistry or medicine, three Fields medallists, and one Gauss Prize laureate. Some of Japan's more prominent technological contributions are in the fields of electronics, automobiles, machinery, earthquake engineering, industrial robotics, optics, chemicals, semiconductors and metals. Japan leads the world in robotics production and use, possessing more than half (402,200 of 742,500) of the world's industrial robots.
Infrastructure
As of 2011, 46.1 percent of energy in Japan was produced from petroleum, 21.3 percent from coal, 21.4 percent from natural gas, 4.0 percent from nuclear power, and 3.3 percent from hydropower. Nuclear power produced 9.2 percent of Japan's electricity, as of 2011, down from 24.9 percent the previous year.

However, as of May 5, 2012, all of the country's nuclear power plants had been taken offline because of ongoing public opposition following the Fukushima Daiichi nuclear disaster, though government officials have been continuing to try to sway public opinion in favour of returning at least some of Japan's 50 nuclear reactors to service. Given its heavy dependence on imported energy, Japan has aimed to diversify its sources and maintain high levels of energy efficiency.
      Japan's road spending has been extensive. Its 1.2 million kilometres of paved road are the main means of transportation. A single network of high-speed, divided, limited-access toll roads connects major cities and is operated by toll-collecting enterprises. New and used cars are inexpensive; car ownership fees and fuel levies are used to promote energy efficiency. However, at just 50 percent of all distance travelled, car usage is the lowest of all G8 countries.
     Dozens of Japanese railway companies compete in regional and local passenger transportation markets;major companies include seven JR enterprises, Kintetsu Corporation,Seibu Railway and Keio Corporation. Some 250 high-speed Shinkansen trains connect major cities and Japanese trains are known for their safety and punctuality. Proposals for a new Maglev route between Tokyo and Osaka are at an advanced stage. There are 175 airports in Japan; the largest domestic airport, Haneda Airport, is Asia’s.
The largest international gateways are Narita International Airport, Kansai International Airport and Chūbu Centrair International Airport. Nagoya Port is the country's largest and busiest port, accounting for 10 percent of Japan's trade value.

 

V. China
From its founding in 1949 until late 1978, the People's Republic of China was a Soviet-style centrally planned economy. Following Mao's death in 1976 and the consequent end of the Cultural Revolution, Deng Xiaoping and the new Chinese leadership began to reform the economy and move towards a more market-oriented mixed economy under one-party rule. Agricultural collectivization was dismantled and farmlands privatized, while foreign trade became a major new focus, leading to the creation of Special Economic Zones (SEZs). Inefficient state-owned enterprises (SOEs) were restructured and unprofitable ones were closed outright, resulting in massive job losses. Modern-day China is mainly characterized as having a market economy based on private property ownership, and is one of the leading examples of state capitalism. The state still dominates in strategic "pillar" sectors such as energy production and heavy industries, but private enterprise has expanded enormously, with around 30 million private businesses recorded in 2008.
Since economic liberalization began in 1978, China has been among the world's fastest-growing economies, relying largely on investment- and export-led growth. According to the IMF, China's annual average GDP growth between 2001 and 2010 was 10.5%. Between 2007 and 2011, China's economic growth rate was equivalent to all of the G7 countries' growth combined. According to theGlobal Growth Generators index announced by Citigroup in February 2011, China has a very high 3G growth rating. Its high productivity, low labour costs and relatively good infrastructure have made it a global leader in manufacturing. However, the Chinese economy is highly energy-intensive and inefficient; China became the world's largest energy consumer in 2010, relies on coal to supply over 70% of its energy needs, and surpassed the US to become the world's largest oil importer in September 2013. However, China's economic growth and industrialization has damaged its environment, and in the early 2010s, China's economic growth rate began to slow amid domestic credit troubles—international demand for Chinese exports has weakened and this has led to turmoil in the global economy.
       In the online realm, China's e-commerce industry has grown more slowly than the EU and the US, with a significant period of development occurring from around 2009 onwards.

According to Credit Suisse, the total value of online transactions in China grew from an insignificant size in 2008 to around RMB 4 trillion (US$660 billion) in 2012.  Alipay has the biggest market share in China with 300 million users and control of just under half of China's online payment market in February 2014, while Ten pay’s share is around 20 percent, and Union Pay’s share is slightly greater than 10 percent.

 

Infrastructure
Telecommunication:

China currently has the largest number of active cellphones of any country in the world, with over 1 billion users by February 2012. It also has the world's largest number ofinternet and broadband users, with over 591 million internet users as of 2013, equivalent to around 44% of its population. A 2013 report found that the national average internet connection speed is 3.14 MB/s. As of July 2013, China accounts for 24% of the world's internet-connected devices.
    China Telecom and China Unicom, the world's two largest broadband providers, accounted for 20% of global broadband subscribers.
China Telecom alone serves more than 50 million broadband subscribers, while China Unicom serves more than 40 million. Several Chinese telecommunications companies, most notably Huawei and ZTE, have been accused of spying for the Chinese military.
China is developing its own satellite navigation system, dubbed Beidou, which began offering commercial navigation services across Asia in 2012, and is planned to offer global coverage by 2020.

 

Transport:
Since the late 1990s, China's national road network has been significantly expanded through the creation of a network of national highways and expressways. In 2011 China's highways had reached a total length of 85,000 km (53,000 mi), making it the longest highway system in the world. In 1991, there were only six bridges across the main stretch of the Yangtze River, which bisects the country into northern and southern halves. By October 2014, there were 81 such bridges and tunnels.
       China has the world's largest market for automobiles, having surpassed the United States in both auto sales and production. Auto sales in 2009 exceeded 13.6 million and reach 40 million by 2020.
A side-effect of the rapid growth of China's road network has been a significant rise in traffic accidents, with poorly enforced traffic laws cited as a possible cause—in 2011 alone, around 62,000 Chinese died in road accidents. In urban areas, bicycles remain a common mode of transport, despite the increasing prevalence of automobiles – as of 2012; there are approximately 470 million bicycles in China.
      China's railways, which are state-owned, are among the busiest in the world, handling a quarter of the world's rail traffic volume on only 6 percent of the world's tracks in 2006. As of 2013, the country had 103,144 km (64,091 mi) of railways, the third longest network in the world. All provinces and regions are connected to the rail network except Macau. The railways strain to meet enormous demand particularly during the Chinese holiday, when the world's largest annual human migration takes place. In 2013, Chinese railways delivered 2.106 billion passenger trips, generating 1,059.56 billion passenger-kilometres and carried 3.967 billion tons of freight, generating 2,917.4 billion cargo tons-kilometres.
      China's high-speed rail (HSR) system, built entirely since the early 2000s, had 11,028 kilometres (6,852 miles) of track in 2013 and was the longest HSR network in the world.
The network includes the Beijing–Guangzhou–Shenzhen High-Speed Railway, the single longest HSR line in the world, and the Beijing–Shanghai High-Speed Railway, which has three of longest railroad bridges in the world. The HSR track network is set to reach approximately 16,000 km (9,900 mi) by 2020. The Shanghai Maglev Train, which reaches 431 km/h (268 mph), is the fastest commercial train service in the world.
       As of May 2014, 20 Chinese cities have urban mass transit systems in operation, with a dozen more to join them by 2020. The Shanghai Metro, Beijing Subway, Guangzhou Metro, Hong Kong MTR and Shenzhen Metro are among the longest and busiest in the world.
       There were 182 commercial airports in China in 2012. With 82 new airports planned to open by 2015, more than two-thirds of the airports under construction worldwide in 2013 were in China, and Boeing expects that China's fleet of active commercial aircraft in China will grow from 1,910 in 2011 to 5,980 in 2031. With rapid expansion in civil aviation, the largest airports in China have also joined the ranks of the busiest in the world. In 2013, Beijing's Capital Airport ranked second in the world by passenger traffic (it was 26th in 2002). Since 2010, the Hong Kong International Airport and Shanghai Pudong International Airport have ranked first and third in air cargo tonnage.
Some 80% of China's airspace remains restricted for military use, and Chinese airlines made up eight of the 10 worst-performing Asian airlines in terms of delays. China has over 2,000 river and seaports, about 130 of which are open to foreign shipping. In 2012, the Ports of Shanghai, Hong Kong, Shenzhen, Ningbo-Zhoushan, Guangzhou, Qingdao, Tianjin, Dalian ranked in the top in the world in in container traffic and cargo tonnage.

Languages, Religions, Toursim

Languages
Asia is home to several language families and many language isolates. Most Asian countries have more than one language that is natively spoken. For instance, according to Ethnologue, more than 600 languages are spoken in Indonesia, more than 800 languages spoken in India, and more than 100 are spoken in the Philippines. China has many languages and dialects in different provinces.

 

Religious
Many of the world's major religions have their origins in Asia. Asian mythology is complex and diverse. The story of the Great Flood for example, as presented to Christians in the Old Testament, is first found in Mesopotamian mythology, in the Epic of Gilgamesh. Hindu mythology tells about an Avatar of the God Vishnu in the form of a fish who warned Manu of a terrible flood. In ancient Chinese mythology,Shan Hai Jing, the Chinese ruler Da Yu, had to spend 10 years to control a deluge which swept out most of ancient China and was aided by the goddess Nüwa who literally fixed the broken sky through which huge rains were pouring.

 

Tourism
With growing Regional Tourism with domination of Chinese visitors, MasterCard has released Global Destination Cities Index 2013 with 10 of 20 are dominated by Asia and Pacific Region Cities and also for the first time a city of a country from Asia (Bangkok) set in the top-ranked with 15.98 international visitors.

 

                                                   Relations with other parts of world

 

    This report has used a pragmatic definition of Asia (Central Asia, East Asia and South Asia); this definition has proven useful in considering Asia’s long term economic prospects. But at the same time, it is important to recognize that Asia already has and will continue to have close economic political and security relations with countries and regions both near and far. For example, different Asian economies have strong economic relations and ties with countries nearby: with the Gulf countries and the Russian Federation for petroleum supplies; with Australia and New Zealand for food, coal and other minerals; and with Turkey as a conduit for trade with the Middle East and Europe. More recently, Asia’s giant economies, PRC and India, have followed the footsteps of Japan to seek closer economic ties with Africa and Latin America to secure access to both mineral resources and export markets. Many countries (e.g., ASEAN countries) have close political and security relations with the US as well as Australia. Such economic and political relations with other parts of the world will become even more important in the future. They must not be allowed to suffer even as Asian economies redouble their efforts at regional cooperation and integration.

Impact of national and regional 15 policies on others
          As was vividly demonstrated during the 2007-9 Great Recession, in today’s globalized economy major developments or crises in the largest economies can lead to contagion in other parts of the world. Such transmissions are not limited to crises alone. Indeed, changes in major—monetary, exchange rate, fiscal, immigration-policies of large economies can have significant effects on others, both near and far. Accordingly, as the relative size of individual Asian economies and the region’s global footprint expands, the region will need to pay greater attention to the impact of its actions on others. While formulating their domestic or regional policy agenda, the region as a whole but also the larger economies—PRC, India, Indonesia, Japan and Republic of Korea—would also need to take into account the regional and global implications.

 

Global governance
        If it realizes the Asian Century, the region will need to significantly change its role in global governance and rulemaking. It will have to gradually transform its role as essentially a passive onlooker in the debate on global rulemaking and a reticent follower of the rules to being an active participant in the debate and a constructive formulator of the rules. How these global rules are formulated, supervised and implemented— WTO protocols, BIS rules, IMF guidelines and so on—can have an enormous impact on the costs and the competiveness of individual economies and economic entities. To play a proactive role in global rulemaking and enforcement, Asia must pursue a stronger regional stance in global international institutions (Financial Stability Forum, BIS, WTO, etc.) and political forums, such as the G-20, APEC and the UN Security Council. To perform a leading role in the above global apex decision making bodies, Asian leaders, in addition to responding to the proposals put forth by the traditional global powers (G-7/8), must be capable of proactively tabling their own constructive ideas and proposals. Given the complexity of the issues discussed in such bodies, Asian leaders will need to be supported by cadres of world class institutions and professional Experts-in related government bodies as well as local think tanks and academic institutions.
Clearly, not every country in the region can develop such capacities. Asia will therefore need to develop regional institutions and thinktanks for this purpose.

 

Managing Asia’s rise
        Finally, Asia must delicately “manage” its rapidly rising role as a major player in global governance in a non-assertive and constructive way. As an emerging global leader, Asia should act and be seen as a Responsible global citizen.

 

Relations with other parts of world


    This report has used a pragmatic definition of Asia (Central Asia, East Asia and South Asia); this definition has proven useful in considering Asia’s long term economic prospects. But at the same time, it is important to recognize that Asia already has and will continue to have close economic political and security relations with countries and regions both near and far. For example, different Asian economies have strong economic relations and ties with countries nearby: with the Gulf countries and the Russian Federation for petroleum supplies; with Australia and New Zealand for food, coal and other minerals; and with Turkey as a conduit for trade with the Middle East and Europe. More recently, Asia’s giant economies, PRC and India, have followed the footsteps of Japan to seek closer economic ties with Africa and Latin America to secure access to both mineral resources and export markets. Many countries (e.g., ASEAN countries) have close political and security relations with the US as well as Australia. Such economic and political relations with other parts of the world will become even more important in the future. They must not be allowed to suffer even as Asian economies redouble their efforts at regional cooperation and integration.

Impact of national and regional 15 policies on others
          As was vividly demonstrated during the 2007-9 Great Recession, in today’s globalized economy major developments or crises in the largest economies can lead to contagion in other parts of the world. Such transmissions are not limited to crises alone. Indeed, changes in major—monetary, exchange rate, fiscal, immigration-policies of large economies can have significant effects on others, both near and far. Accordingly, as the relative size of individual Asian economies and the region’s global footprint expands, the region will need to pay greater attention to the impact of its actions on others. While formulating their domestic or regional policy agenda, the region as a whole but also the larger economies—PRC, India, Indonesia, Japan and Republic of Korea—would also need to take into account the regional and global implications.

 

Global governance
        If it realizes the Asian Century, the region will need to significantly change its role in global governance and rulemaking. It will have to gradually transform its role as essentially a passive onlooker in the debate on global rulemaking and a reticent follower of the rules to being an active participant in the debate and a constructive formulator of the rules. How these global rules are formulated, supervised and implemented— WTO protocols, BIS rules, IMF guidelines and so on—can have an enormous impact on the costs and the competiveness of individual economies and economic entities. To play a proactive role in global rulemaking and enforcement, Asia must pursue a stronger regional stance in global international institutions (Financial Stability Forum, BIS, WTO, etc.) and political forums, such as the G-20, APEC and the UN Security Council. To perform a leading role in the above global apex decision making bodies, Asian leaders, in addition to responding to the proposals put forth by the traditional global powers (G-7/8), must be capable of proactively tabling their own constructive ideas and proposals. Given the complexity of the issues discussed in such bodies, Asian leaders will need to be supported by cadres of world class institutions and professional Experts-in related government bodies as well as local think tanks and academic institutions.
Clearly, not every country in the region can develop such capacities. Asia will therefore need to develop regional institutions and thinktanks for this purpose.

 

Managing Asia’s rise
        Finally, Asia must delicately “manage” its rapidly rising role as a major player in global governance in a non-assertive and constructive way. As an emerging global leader, Asia should act and be seen as a Responsible global citizen.

Posted Date : 07-02-2021

గమనిక : ప్రతిభ.ఈనాడు.నెట్‌లో కనిపించే వ్యాపార ప్రకటనలు వివిధ దేశాల్లోని వ్యాపారులు, సంస్థల నుంచి వస్తాయి. మరి కొన్ని ప్రకటనలు పాఠకుల అభిరుచి మేరకు కృత్రిమ మేధస్సు సాంకేతికత సాయంతో ప్రదర్శితమవుతుంటాయి. ఆ ప్రకటనల్లోని ఉత్పత్తులను లేదా సేవలను పాఠకులు స్వయంగా విచారించుకొని, జాగ్రత్తగా పరిశీలించి కొనుక్కోవాలి లేదా వినియోగించుకోవాలి. వాటి నాణ్యత లేదా లోపాలతో ఈనాడు యాజమాన్యానికి ఎలాంటి సంబంధం లేదు. ఈ విషయంలో ఉత్తర ప్రత్యుత్తరాలకు, ఈ-మెయిల్స్ కి, ఇంకా ఇతర రూపాల్లో సమాచార మార్పిడికి తావు లేదు. ఫిర్యాదులు స్వీకరించడం కుదరదు. పాఠకులు గమనించి, సహకరించాలని మనవి.

 

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