Among the Asian countries, except Japan, South Korea, Singapore and Israel are developed countries, the rest are developing countries, and the economies of all countries have developed to a certain extent. The economic development of developing countries in Asia is mainly characterized by capital-intensive and labor-intensive. Many countries take advantage of their natural conditions and resources. Let's know more about the Asia economy in the following discussion.
Shinkansen of Japan
There are significant differences in the level of industrial development, sectors, and geographical structure of various regions in Asian countries. The industrial base of most countries is weak, with mining and agricultural product processing and the light textile industry predominant.
China's industry is developing rapidly, and the industrial system is complete. Japan and South Korea are highly developed capitalist countries. Mongolian industry focuses on the processing of livestock products. Singapore, Thailand and Malaysia are newly industrialized countries. Indonesia and Brunei mainly produce crude oil. Indian industry is more developed.
Except Afghanistan, Lebanon and Turkey. Most countries in West Asia mainly produce crude oil and oil refining, and West Asia Energy occupies an important position in the world's energy.
Countries of Central Asia have been taking measures to develop their economies. In order to reduce the share of agriculture in GDP, these countries have been modernizing the industrial sector and fostering the development of service industries through business-friendly fiscal policies and other measures. Some countries take full advantage of the natural resources, such as oil, natural gas, uranium, and gold reserves.
However, Central Asian republics countries mainly rely on exports of raw materials, with a negligible manufacturing capacity. And that's the reason why those countries are easily influenced by the economic shocks.
Western Asia is home to half of the oil reserves and 40% of the natural gas reserves in the world. Countries of Western Asia have high economic growth because of the abundant reserves of oil and natural gas. Among then, Turkey has the largest economy, then Saudi Arabia and Iran. There is a significant gap in the development level of various countries.
According to the economic characteristics in Western Asia, there are two main types of economy, including oil-exporting countries (Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait, Iraq, Iran, and Oman), and non-oil-exporting countries. Petroleum is the lifeblood of various countries, and the petroleum industry's share of GDP, national income, and export value is dominant.
The economies of non-oil exporting countries are dominated by agriculture and animal husbandry. They are quite profitable from transportation, processing, and labor services, and they charge a high amount of transit fees.
The eight South Asian countries are members of the South Asian Association for Regional Cooperation, which is an economic cooperation in South Asia. Among all the South Asian countries, India is the largest and fastest-growing South Asian economy, contributing about 80% of the economy in South Asia.
East Asia consists of China, Hong Kong (SAR of PRC), Macau (SAR of PRC), Taiwan (People's Republic of China), North Korea, South Korea, Japan, Mongolia. Among these countries, Japan, South Korea, and China (including Taiwan, Hong Kong, and Macau) are some of the largest and most prosperous economies in the world.
All Southeast Asian countries except Singapore, are developing countries. Most Southeast Asian countries are rich in natural and human resources, providing excellent conditions for economic development. But the economic structure is relatively simple; meanwhile, the level of economic development in the region varies greatly. Today, Southeast Asia is one of the most dynamic and potential regions for the world's economic development.
Agriculture has been a key factor in economic development for Southeast Asian countries. What's more, tourism plays an important role in Southeast Asia, especially for countries like Cambodia.
Singapore enjoys prosperity and progress, and its living standards have reached the standards of developed countries. The economy of Singapore is dominated by services, finance, technology, shipping, logistics, and tourism, and actively develops high technology and education. The economies of Vietnam, the Philippines, and Indonesia are relatively backward, and the economy is biased towards tourism, basic manufacturing, agriculture, and fisheries.