Research Paper – Phenomenal Economic growth of Asian countries
In the last few decades there has been a tremendous growth in the Asian economies which as been as a result of various factors put together. This factors comprise of the population dynamics, the economic markets and the social political conditions.This factors are attributed to the immense growth which has made the Asian economies to be among the world’s most fast growing economies of all time. However the leading economy In Asia is China which is also ranked the second successful economy in the whole world.
Population dynamics has been over the years seen as a major facilitator of economic growth. In Asian countries this is very relevant due to the fact that Asia accounts to over 60% of the world’s population.This immense numbers of individuals is a clear indication of the human workforce integration with economic activities .This population affects various areas which include the change in the working age population, the change in the savings and the total capital accumulation and lastly the population individual investments. In terms of the working population it is clearly made up of both youthful individuals and older individuals. This workforce has been among the key factor steering the economy to be very competitive in the world.
Economic markets is also another factor which has propelled Asia to the top. This is due to the development of the more market based economies in most of the countries in Asia. This has resulted into foreign currencies flowing into the region therefore a lot trade has resulted in the widespread trade amongst the Asian countries and between the rest of the world. The resultant industrialization has lead the exodus from rural areas practicing agriculture practices to move to urban centres. This processes of the actively engagement of the Asian markets both locally and internationally through the various economic activities actively leads to the increased economic growth rate which has put the continent on the spotlight.
Social political condition is also one of the key factors that must be in place in order for economic growth to be experienced. In Asia this has been a major factor which has led to the enormous growth of this economy. Different countries in Asia are subject to various social political conditions in which some of them are favourable while some of them are not conducive. The leading economies in Asia include china among other countries that have stable political systems in place which has facilitated this tremendous growth, however, not all countries in Asia are at the same level .Some countries like Iraq and Afghanistan have been a major victim of unstable governments therefore slowing the pace of economic growth in their countries and the entire region as whole.
It is quite evident that the three factors greatly affect the overall economic prosperity in Asia, however, among the three factors it is most arguable that population dynamics has been a key player in the tremendous rise in the economic growth. This is due to the fact that many individuals are being engaged in competitive economical activities in order to beat the high levels of competition exhibited. This process in the long run facilitates the entire economic growth starting from the different countries and therefore spreading to include the whole continent as whole. According to studies it is quite evident that .According to studies relating to the rise of Asian economy it is arguable that Asia has the world most fast growing economies. This factors are therefore important in any growing economies in order for them to experience a smooth growth.
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