Просмотр кода страницы Английская Википедия:Economy of Asia

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{{Update|date=January 2023}}
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{{Use British English|date=January 2023}} 
{{Use dmy dates|date=January 2023}} 
{{Infobox economy
| continent    = Asia 
| image        = Skyscrapers of Shinjuku 2009 January.jpg 
| image_size   = 325px 
| caption      = The [[Greater Tokyo Area]] has the largest gross metropolitan product in Asia.
| population   = 4.7 billion{{UN Population|ref}} (60% of world) 
| gdp          = {{plainlist| 
* $41.36 trillion ([[GDP (nominal)|nominal]]; 2023 est)<ref name="IMF01">{{cite web|title=GDP (Nominal), current prices|url=https://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD|website=International Monetary Fund|accessdate=5 November 2022}}</ref>   
* $78.83 trillion ([[Purchasing power parity|PPP]]; 2023 est)<ref name="IMF02">{{cite web|title=GDP (PPP), current prices|url=https://www.imf.org/external/datamapper/PPPGDP@WEO/OEMDC/ADVEC/WEOWORLD/AFQ|website=International Monetary Fund|accessdate=5 November 2022}}</ref>    
}} 
| gdp rank = {{plainlist|
* [[List of continents by GDP#Continents by GDP (nominal)|1st (nominal; 2023)]]
* [[List of continents by GDP#Continents by GDP (PPP)|1st (PPP; 2023)]] 
}}  
| per capita   = {{plainlist|  
* $9,390 (nominal; 2023 est)<ref>{{Cite web|url=https://www.imf.org/external/datamapper/NGDPDPC@WEO/OEMDC/ADVEC/WEOWORLD|title=Nominal GDP per capita|work=IMF Data Mapper|publisher=International Monetary Fund|author=International Monetary Fund|date=2022|access-date=5 November 2022}}</ref>   
* $17,900 (PPP; 2023 est)<ref>{{Cite web|url=https://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLD|title=GDP PPP per capita|work=IMF Data Mapper|publisher=International Monetary Fund|author=International Monetary Fund|date=2022|access-date=5 November 2022}}</ref>  
}} 
| per capita rank = {{plainlist|
* [[List of continents by GDP#Continents by GDP per capita (nominal)|4th (nominal; 2023)]] 
* [[List of continents by GDP#Continents by GDP per capita (PPP)|5th (PPP; 2023)]]    
}} 
| growth       = 4.2% (2023 est.)<ref>{{Cite web|url=https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD|title=Real GDP growth 
|work=IMF Data Mapper|publisher=International Monetary Fund|author=International Monetary Fund|date=2022|access-date=5 November 2022}}</ref>  
| inflation    = 5.7% (2023 est.)<ref>{{Cite web|url=https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/ADVEC/WEOWORLD|title=Inflation rate, average consumer prices|work=IMF Data Mapper|publisher=International Monetary Fund|author=International Monetary Fund|date=2022|access-date=5 November 2022}}</ref>      
| millionaires = 10.7 million (2022)<ref name="databook2022">{{Cite book|last1=Shorrocks|first1=Anthony|url=https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-databook-2022.pdf|title=Global Wealth Databook 2022|last2=Davies|first2=James|last3=Lluberas|first3=Rodrigo|publisher=[[Credit Suisse]] Research Institute|year=2022}}</ref>  
| debt         = 93.5% of GDP (2023 est.)<ref>{{Cite web|url=https://www.imf.org/external/datamapper/GGXWDG_NGDP@WEO/APQ|title=General government gross debt |work=IMF Data Mapper|publisher=International Monetary Fund|author=International Monetary Fund|date=2022|access-date=5 November 2022}}</ref> 
| footnote     = Most numbers are from the [[International Monetary Fund]]. [https://www.imf.org/external/datamapper/profile/APQ IMF Asia Datasets]  
}} 
{{World economy}}    
The '''economy of [[Asia]]''' comprises about 4.7 billion people (60% of the [[world population]]) living in 50 different nations.{{UN Population|ref}} Asia is the fastest growing economic region, as well as the largest continental economy by both [[GDP]] [[List of countries by GDP (nominal)|Nominal]] and [[purchasing power parity|PPP]] in the world.<ref>{{cite news |url=http://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD |work= www.imf.org}}</ref> Moreover, Asia is the site of some of the world's longest modern economic booms.

As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of [[purchasing power parity|PPP]] [[gross domestic product]] (GDP) are China, [[India]], [[Japan]], [[Indonesia]], [[Turkey]], [[South Korea]], [[Saudi Arabia]], [[Iran]], [[Thailand]], [[Pakistan]] and [[Bangladesh]] and in terms of nominal [[gross domestic product]] (GDP) are [[Japan]], [[South Korea]], China, India, Indonesia, Saudi Arabia, Turkey, Thailand and Iran.

[[List of countries by total wealth|Total wealth]] (as well as overall GDP) is mainly concentrated in [[East Asia]], [[South Asia]] and [[Southeast Asia]].<ref name = "CS 2019-1">{{Cite web|title = Global wealth report|url = https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html|access-date = October 25, 2019|publisher = [[Credit Suisse]]|website = www.credit-suisse.com}}</ref><ref name = "CS 2019-2">{{Cite web|title = Global wealth report 2019|url = https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-report-2019-en.pdf|access-date = October 25, 2019|publisher = [[Credit Suisse]]}}</ref><ref name = "CS 2019-3">{{Cite web|title = Global wealth databook 2019|url = https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-databook-2019.pdf|publisher = [[Credit Suisse]]}}</ref> [[Israel]] and Turkey are also two major economies in West Asia. Israel (entrepreneurship on diversified industries) is a developed country, while Turkey (founding member of [[OECD]]) is an advanced emerging country. Asia, with the exception of Japan ([[heavy industry]] and electrical sophistication), South Korea (heavy industry and information and communication technology), Taiwan (heavy industry and hi-tech parts manufacturing), Hong Kong (financial industry and services) and Singapore (high-tech manufacturing, biotechnology, financial and business services and tourism) in recent years, is currently undergoing rapid growth and industrialization. [[Economy of China|China]] (manufacturing and FDI-led growth<ref name=":0">{{cite web | url=https://www.adb.org/publications/series/asian-economic-integration-report | title=Asian Economic Integration Reports| date=2014-10-15}}</ref>) and [[Economy of India|India]] (commodities, outsourcing destination and computer software) are the two fastest growing major economies in the world.

East Asian and [[ASEAN]] countries generally rely on manufacturing and trade (and then gradually upgrade to industry and commerce<ref>{{cite web | url=http://www.e-ir.info/2014/10/16/the-asian-tigers-from-independence-to-industrialisation/ | title=The Asian Tigers from Independence to Industrialisation| date=16 October 2014}}</ref>), and incrementally building on [[high-tech]] industry and [[financial industry]]<ref>{{cite web | url=https://www.adb.org/publications/series/asian-development-outlook | title=Asian Development Outlook (ADO) Series| date=2017-11-21}}</ref> for growth, countries in the [[Middle East]] depend more on [[engineering]] to overcome climate difficulties for economic growth and the production of commodities, principally [[Sweet crude oil]].<ref>{{cite web | url=https://education.nationalgeographic.org/resource/asia-resources/ | title=Asia: Resources| date=2012-01-04}}</ref> Over the years, with rapid economic growth and large [[Balance of trade|trade surplus]] with the rest of the world, Asia has accumulated over US$8.5 trillion of [[foreign exchange reserves]] – more than half of the world's total, and adding [[tertiary sector of the economy|tertiary]] and [[Quaternary sector of the economy|quaternary]] sectors to expand in the share of [[Asia]]'s economy.

== List of Asian countries by GDP ==
This is an alphabetically sorted list of Asian countries, with their factual and estimated gross domestic product data by the International Monetary Fund.<ref>{{Cite web|url=https://www.imf.org/external/pubs/ft/weo/2023/02/weodata/index.aspx|title=Report for Selected Countries and Subjects|access-date=November 7, 2023}}</ref>

{| class="wikitable sortable" border="1"
|- style="background:#ececec;"
! Country or <br />Territory (country subdivision)|territory
    <!-- Country code aliases now conform to ISO 3166-1 alpha-3 Country Codes -->
    <!-- http://en.wikipedia.org/wiki/ISO_3166-1_alpha-3 -->
! List of countries by GDP (nominal)|GDP nominal<br />millions of USD (2023)
! List of countries by GDP (nominal) per capita|GDP nominal per capita<br />USD (2023)
! List of countries by GDP (PPP)|GDP PPP<br />millions of USD
! List of countries by GDP (PPP) per capita|GDP PPP per capita<br />USD
! Location
|-
| style="text-align:left;" | '''Average'''
| align="center" | 38,435,000
| align="center" | 8,388
| align="center" | 84,727,000
| align="center" | 18,046
| Asia
| 
|-
| style="text-align:left;" | {{AFG}}
| align="center" | 14,939
| align="center" | 611
| align="center" | 76,486	
| align="center" | 2,094
| South Asia
|-
| style="text-align:left;" | {{ARM}} 
| align="center" | 24,540
| align="center" | 4,741
| align="center" | 32,909
| align="center" | 11,083
|Western Asia|West Asia
|-
| style="text-align:left;" | {{AZE}} 
| align="center" | 77,392	
| align="center" | 7,165
| align="center" | 187,260
| align="center" | 18,615
|Western Asia|West Asia
|-
| style="text-align:left;" | {{BHR}}
| align="center" | 44,944
| align="center" | 29,103
| align="center" | 76,951
| align="center" | 50,931
| West Asia
|-
| style="text-align:left;" | {{BAN}}
| align="center" | 446,349
| align="center" | 2735
| align="center" | 1,350,000
| align="center" | 7984
| South Asia
|-
| style="text-align:left;" | {{BTN}}
| align="center" | 2,686
| align="center" | 3,491
| align="center" | 8,199
| align="center" | 9,876
| South Asia
|-
| style="text-align:left;" | {{BRN}}
| align="center" | 15,153
| align="center" | 79,816
| align="center" | 35,920
| align="center" | 80,383
| Southeast Asia
|-
| style="text-align:left;" | {{CYP}}
| align="center" | 32,032
| align="center" | 30,663
| align="center" | 38,055
| align="center" | 42,956
|West Asia
|-
| style="text-align:left;" | {{MMR}}
| align="center" | 74,861
| align="center" | 1,285
| align="center" | 355,609
| align="center" | 6,707
| Southeast Asia
|-
| style="text-align:left;" | {{KHM}}
| align="center" | 30,943
| align="center" | 1,752
| align="center" | 76,934
| align="center" | 4,664
| Southeast Asia
|-
| style="text-align:left;" | {{CHN}} 
| align="center" | 17,700,899
| align="center" | 14,096
| align="center" | 27,308,857
| align="center" | 19,503
| East Asia
|-
| style="text-align:left;" | {{HK}} 
| align="center" | 385,546
| align="center" | 51,168
| align="center" | 490,880
| align="center" | 64,927
| East Asia
|- 
| style="text-align:left;" | {{GEO}} 
| align="center" | 30,023
| align="center" | 5,618
| align="center" | 45,398
| align="center" | 12,227
|Western Asia|West Asia
|-
| style="text-align:left;" | {{IND}}
| align="center" | 3,732,224	
| align="center" | 2,650	
| align="center" | 13,200,000
| align="center" | 9,073
| South Asia
|-
| style="text-align:left;" | {{IDN}}
| align="center" | 1,417,387
| align="center" | 4,691
| align="center" | 3,737,484
| align="center" | 13,998
| Southeast Asia
|-
| style="text-align:left;" | {{IRN}}
| align="center" | 366,438
| align="center" | 4,234
| align="center" | 1,470,661
| align="center" | 17,661
| West Asia
|-
| style="text-align:left;" | {{IRQ}}
| align="center" | 297,695
| align="center" | 5,883
| align="center" | 705,059
| align="center" | 18,025
| West Asia
|-
| style="text-align:left;" | {{ISR}}
| align="center" | 521,688
| align="center" | 53,196	
| align="center" | 354,197
| align="center" | 39,121
| West Asia
|-
| style="text-align:left;" | {{JPN}}
| align="center" | 4,230,862
| align="center" | 33,950
| align="center" | 5,665,980
| align="center" | 45,411
| East Asia
|-
| style="text-align:left;" | {{JOR}}
| align="center" | 50,022
| align="center" | 4,851
| align="center" | 97,161
| align="center" | 9,648
| West Asia
|-
| style="text-align:left;" | {{KAZ}}
| align="center" | 259,292
| align="center" | 12,968
| align="center" | 537,664
| align="center" | 28,849
| Central Asia
|-
| style="text-align:left;" | {{PRK}}
| align="center" | 28,500
| align="center" | 654
| align="center" | N/A
| align="center" | N/A
| East Asia
|-
| style="text-align:left;" | {{KOR}}
| align="center" | 1,709,232
| align="center" | 33,147
| align="center" | 2,319,585	
| align="center" | 44,740
| East Asia
|-
| style="text-align:left;" | {{KUW}}
| align="center" | 159,687
| align="center" | 32,215
| align="center" | 312,100
| align="center" | 66,386
| West Asia
|-
| style="text-align:left;" | {{KGZ}}
| align="center" | 12,681
| align="center" | 1,830
| align="center" | 25,915
| align="center" | 4,056
| Central Asia
|-
| style="text-align:left;" | {{LAO}}
| align="center" | 14,244
| align="center" | 1,879
| align="center" | 58,091
| align="center" | 8,109
| Southeast Asia
|-
| style="text-align:left;" | {{LBN}}
| align="center" | 37,945
| align="center" | 4,003
| align="center" | 91,286
| align="center" | 15,049
| West Asia
|-
| style="text-align:left;" | {{MAC}}
| align="center" | 38,480
| align="center" | 54,296
| align="center" | 77,360
| align="center" | 115,913
| East Asia
|-
| style="text-align:left;" | {{MYS}}
| align="center" | 430,895
| align="center" | 13,034
| align="center" | 1,078,537
| align="center" | 32,880
| Southeast Asia
|-
| style="text-align:left;" | {{MDV}}
| align="center" | 6,977
| align="center" | 17,559
| align="center" | 8,667
| align="center" | 23,311
| South Asia
|-
| style="text-align:left;" | {{MNG}}
| align="center" | 18,782
| align="center" | 5,348
| align="center" | 47,217
| align="center" | 14,308
| East Asia
|-
| style="text-align:left;" | {{NPL}}
| align="center" | 41,339
| align="center" | 1,353	
| align="center" | 94,419
| align="center" | 3,318
| South Asia
|-
| style="text-align:left;" | {{OMN}}
| align="center" | 108,282
| align="center" | 21,266
| align="center" | 203,959
| align="center" | 47,365
| West Asia
|-
| style="text-align:left;" | {{PAK}}
| align="center" | 340,636
| align="center" | 1,471
| align="center" | 1,100,000
| align="center" | 5,230
| South Asia
|-
| style="text-align:left;" | {{PHL}}
| align="center" | 435,675
| align="center" | 3,859
| align="center" | 1,110,810
| align="center" | 9,893 
| Southeast Asia
|-
| style="text-align:left;" | {{QAT}}
| align="center" | 235,500
| align="center" | 81,968
| align="center" | 365,835
| align="center" | 132,886
| West Asia
|-
| style="text-align:left;" | {{SAU}}
| align="center" | 1,069,437
| align="center" | 32,568	
| align="center" | 1,898,511
| align="center" | 55,704
| West Asia
|-
| style="text-align:left;" | {{SGP}}
| align="center" | 497,347
| align="center" | 87,884
| align="center" | 585,055
| align="center" | 103,181
| Southeast Asia
|-
| style="text-align:left;" | {{LKA}}
| align="center" | 74,404	
| align="center" | 3,342
| align="center" | 304,826
| align="center" | 13,897
| South Asia
|-
| style="text-align:left;" | {{SYR}}
| align="center" | 19,719
| align="center" | 925
| align="center" | N/A
| align="center" | N/A
| West Asia
|-
| style="text-align:left;" | {{TWN}} 
| align="center" | 751,930
| align="center" | 32,339
| align="center" | 1,300,212
| align="center" | 55,078
| East Asia
|-
| style="text-align:left;" | {{TJK}}
| align="center" | 11,816
| align="center" | 1,180
| align="center" | 33,351
| align="center" | 3,589
| Central Asia
|-
| style="text-align:left;" | {{THA}}
| align="center" | 512,193
| align="center" | 7,298
| align="center" | 1,383,022	
| align="center" | 20,364
| Southeast Asia
|-
| style="text-align:left;" | {{TLS}}
| align="center" | 2,030
| align="center" | 1,497	
| align="center" | 6,823
| align="center" | 5,254
| Southeast Asia
|-
| style="text-align:left;" | {{TUR}} 
| align="center" | 1,154,600
| align="center" | 13,384
| align="center" | 2,346,576 
| align="center" | 28,264
|Western Asia|West Asia/Europe
|-
| style="text-align:left;" | {{TKM}}
| align="center" | 81,822
| align="center" | 12,934	
| align="center" | 121,885
| align="center" | 20,410
| Central Asia 
|-
| style="text-align:left;" | {{UAE}}
| align="center" | 509,179
| align="center" | 50,602	
| align="center" | 746,350
| align="center" | 69,434
| West Asia
|-
| style="text-align:left;" | {{UZB}}
| align="center" | 90,392
| align="center" | 2,509
| align="center" | 297,222
| align="center" | 8,999
| Central Asia
|-
| style="text-align:left;" | {{VNM}}<ref>{{Cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report|title=Report for Selected Countries and Subjects|website=IMF}}</ref>
| align="center" | 433,356
| align="center" | 4,122
| align="center" | 1,248,986
| align="center" | 12,590
| Southeast Asia
|-
| style="text-align:left;" | {{YEM}}
| align="center" | 21,045
| align="center" | 891
| align="center" | 72,171
| align="center" | 2,280
| West Asia
|}

==History==
===Economic development===

====Ancient and medieval times====
[[File:Silk route.jpg|alt=|thumb|Silk route via land and sea]]
[[China]] and [[India]] alternated in being the largest economies in the world from 1 to 1800 AD. China was a major economic power and attracted many to the east,<ref>{{cite web|url=http://www.bharat-rakshak.com/SRR/Volume14/nalapat.html|title=Professor M.D. Nalapat. Ensuring China's "Peaceful Rise". Accessed January 30, 2008.|url-status=dead|archive-url=https://web.archive.org/web/20100110045822/http://www.bharat-rakshak.com/SRR/Volume14/nalapat.html|archive-date=January 10, 2010}}</ref><ref>{{Cite book|url=http://www.eric.ed.gov/ERICWebPortal/custom/portlets/recordDetails/detailmini.jsp?_nfpb=true&_&ERICExtSearch_SearchValue_0=ED460052&ERICExtSearch_SearchType_0=no&accno=ED460052|title=Dahlman, Carl J; Aubert, Jean-Eric. China and the Knowledge Economy: Seizing the 21st Century. WBI Development Studies. World Bank Publications. Accessed January 30, 2008.|publisher=World Bank Publications, P|isbn=9780821350058|date=2000-11-30}}</ref><ref>{{cite news|url=http://www.economist.com/surveys/displaystory.cfm?story_id=E1_PNTJQTR|title=The Real Great Leap Forward. The Economist. Sept 30, 2004|newspaper=The Economist}}</ref><ref>{{cite web|url=http://search.ft.com/ftArticle?queryText=China+the+world%E2%80%99s+largest+economy+for+18+of+the+past+20+centuries&y=6&aje=false&x=14&id=050926000484&ct=0 |title=Chris Patten. ''Financial Times''. Comment & Analysis: Why Europe is getting China so wrong. Accessed January 30, 2008. |url-status=dead |archive-url=https://archive.today/20121206001453/http://search.ft.com/ftArticle?queryText=China+the+world%E2%80%99s+largest+economy+for+18+of+the+past+20+centuries&y=6&aje=false&x=14&id=050926000484&ct=0 |archive-date=2012-12-06 }}</ref> and for many the legendary wealth and prosperity of the ancient culture of India personified Asia,<ref>http://www.indianscience.org/essays/22-%20E--Gems%20&%20Minerals%20F.pdf {{Bare URL PDF|date=March 2022}}</ref> attracting European commerce, exploration and colonialism. The accidental discovery of America by Columbus in search for India demonstrates this deep fascination. The [[Silk Road]] became the main east–west trading route in the Asian hitherland while the [[Straits of Malacca]] stood as a major sea route.

====Pre–1945====
Prior to World War II, most of Asia was under [[colonialism|colonial rule]]. Only relatively few states managed to remain independent in the face of constant pressure exerted by European power. Such examples are China, [[Siam]], Iran and Japan.<ref>{{cite web|title=Colonial Rule|url=http://nationalhumanitiescenter.org/pds/amerbegin/power/text4/text4read.htm|website=National Humanities Center}}</ref>

Japan in particular managed to develop its economy due to a reformation in the 19th century. The reformation was comprehensive and is today known as the [[Meiji Restoration]].<ref>{{cite web|title=Meiji Restoration|url=http://www.britannica.com/EBchecked/topic/373305/Meiji-Restoration|website=Encyclopædia Britannica|access-date=25 November 2014}}</ref> The Japanese economy continued to grow well into the 20th century and its economic growth created various shortages of resources essential to economic growth.  As a result, the [[First Sino-Japanese war|Japanese expansion]] began with a great part of Korea and China annexed, thus allowing the Japanese to secure strategic resources.<ref>{{cite web|title=Sino-Japanese War|url=http://www.britannica.com/EBchecked/topic/546176/Sino-Japanese-War|website=Encyclopædia Britannica|access-date=25 November 2014}}</ref>

At the same time, Southeast Asia was prospering due to trade and the introduction of various new technologies of that time. The volume of trade continued to increase with the opening of the [[Suez Canal]] in the 1860s. [[Manila]] had its [[Manila galleon]] where in products from the [[Spanish East Indies|Philippine islands]] and China were traded with Spanish America and Europe from 1571 to 1815.<ref>{{cite web|title=Manila galleon|url=http://www.britannica.com/EBchecked/topic/362297/Manila-galleon|website=Encyclopædia Britannica|access-date=25 November 2014}}</ref> The Spanish colony of the Philippines was the first Asian territory to trade with the Americas, from Manila to [[Acapulco]]. The route continued overland across present-day Mexico to [[Veracruz]] on the Atlantic coast, then to [[Havana]] and [[Seville]], forming the first global trade route. [[Silk]], [[porcelain]], [[ivory]], [[tobacco]], [[coconut]] and [[maize]] were some of the goods exported from Asia to the Americas and Europe, through the Philippines.

[[Singapore]], founded in 1819, rose to prominence as trade between the east and the west increased at an incredible rate. The British colony of [[British Malaya|Malaya]], now part of [[Malaysia]], was the world's largest producer of [[tin]] and [[rubber]]. The [[Dutch East Indies]], now Indonesia, on the other hand, was known for its [[spices]] production. Both the British and the Dutch created their own trading companies to manage their trade flow in Asia. The British created the [[British East India Company]] while the Dutch formed [[Dutch East India Company]]. Both companies maintained trade monopolies of their respective colonies.<ref>{{cite web|title=History of Philippines|url=http://www.nationsonline.org/oneworld/History/Philippines-history.htm|website=Nations Online|access-date=25 November 2014}}</ref><ref>{{cite web|title=East India Company|url=http://www.britannica.com/EBchecked/topic/176643/East-India-Company|website=Encyclopædia Britannica|access-date=25 November 2014}}</ref><ref>{{cite web|title=Dutch East India Trading Company|url=http://www.britannica.com/EBchecked/topic/174523/Dutch-East-India-Company|website=Encyclopædia Britannica|access-date=25 November 2014}}</ref>

Significant [[De-industrialisation of India|de-industrialisation]] took place in South Asia during its first few decades of British rule in the 1800s. Extreme poverty doubled to over 50% and famines increased significantly during the colonial era.<ref>{{Cite web |last=Hickel |first=Dylan Sullivan,Jason |title=How British colonialism killed 100 million Indians in 40 years |url=https://www.aljazeera.com/opinions/2022/12/2/how-british-colonial-policy-killed-100-million-indians |access-date=2023-09-02 |website=www.aljazeera.com |language=en}}</ref>

In 1908, [[crude oil]] was first discovered in [[Persian Empire|Persia]], modern day Iran. Afterwards, many oil fields were discovered and it was learnt later that the Middle East possesses the world's largest oil stocks. This made the rulers of the Arab nations very rich though the socioeconomic development in that region lagged behind.<ref>{{Cite magazine|last1=Alfred|first1=Randy|title=May 26, 1908: Mideast Oil Discovered – There Will Be Blood|url=http://archive.wired.com/science/discoveries/news/2008/05/dayintech_0526|magazine=Wired|access-date=25 November 2014|date=2008-05-26}}</ref>

In the early 1930s, the world underwent a global [[economic depression]], today known as the [[Great Depression]]. Asia was not spared, and suffered the same pain as Europe and the United States (except for the Soviet Union). The volume of trade decreased dramatically all around Asia and indeed the world. With falling demand, prices of various goods starting to fall and further impoverished locals and foreigners alike. In 1931 Japan invaded [[Manchuria]] and subsequently the rest of China and south-east Asia in what eventually became the Asia-pacific leg of [[World War II]].<ref>{{cite web|title=World War 2 in the Pacific|url=http://www.ushmm.org/wlc/en/article.php?ModuleId=10005155|website=Holocaust Encyclopedia|access-date=25 November 2014}}</ref>

====1945–1990====
Following World War II, the People's Republic of China and the Republic of India, which accounted for half of the population of Asia, adopted socialist policies to promote their domestic economy. These policies limited the economic growth of the region. They are being abandoned in India and reformed in China. In contrast, the economies of Japan and the [[Four Asian Tigers]] ([[South Korea]], [[Taiwan]], [[Singapore]] and [[Hong Kong]]) were economic successes, and the only successful economies outside of the [[Western World]].<ref>{{cite web|title=Getting Globalization Right: The East Asian Tigers|url=http://oecdinsights.org/2012/05/03/getting-globalization-right-the-east-asian-tigers/|website=OECD Insights|date=3 May 2012|access-date=25 November 2014|archive-date=18 October 2016|archive-url=https://web.archive.org/web/20161018023903/http://oecdinsights.org/2012/05/03/getting-globalization-right-the-east-asian-tigers/|url-status=dead}}</ref> The success of these four economies led other Southeast Asian countries, namely Indonesia, Malaysia, Philippines, and Thailand to follow suit in opening up their economies and setting up export-oriented manufacturing bases that boosted their growth throughout the 1980s and the 1990s.<ref>{{cite web|title=The East Asian Miracle|url=https://www.nber.org/chapters/c11011.pdf|website=National Bureau of Economic Research}}</ref>

One of the most pronounced Asian economic phenomenons during this time, the [[Japanese post-war economic miracle]], greatly impacted the rest of the world. After World War II, under central guidance from the Japanese government, the entire economy was undergoing a remarkable restructuring. Close cooperation between the government, corporations and banks facilitated easy access to much-needed capital, and large conglomerates known as ''[[keiretsu]]'' spurred [[horizontal integration|horizontal]] and [[vertical integration]] across all industries, keeping out foreign competition. These policies, in addition to an abandonment of military spending, worked phenomenally well. Japanese corporations as a result exported and still export massive amounts of high quality products from "the Land of the Rising Sun".<ref>{{Cite journal|last1=Allen|first1=G.C.|title=Japan's Economy recovery|journal=The Journal of Economic History|volume=19|issue=2|pages=278–279|doi=10.1017/S0022050700110034|year=1959|s2cid=154325599 }}</ref>

Another amazing economic success story is that of South Korea's, also referred to as the [[Miracle on the Han River]]. The country was left impoverished after the [[Korean War]], and until the early 1970s was among the world's poorest countries (even poorer than [[North Korea]]). However, it was since able to recover with double digit annual growth rates. Many conglomerates, also known as [[chaebol]]s, such as [[Samsung]], [[LG Corp]], [[Hyundai Group|Hyundai]], [[Kia Motors|Kia]], [[SK Group]], and more grew tremendously during this period. [[South Korea]] has now become the most wired country in the world.<ref>{{Cite magazine|title=Seoul's Green Revolution|url=http://content.time.com/time/magazine/article/0,9171,501021014-361781,00.html|magazine=Time|date=2002-10-07}}</ref>

Taiwan and Hong Kong experienced rapid growth up till the 1990s. Taiwan became, and still remains one of the main centers of consumer electronics R&D as well as manufacturing. However, unlike in Japan and South Korea, the bulk of Taiwan's economy is dependent on small to medium-sized businesses. Hong Kong, on the other hand, experienced rapid growth in the financial sector due to liberal market policies, with many financial institutions setting up their Asian headquarters in Hong Kong. Until 2021, Hong Kong was ranked as one of the world's freest economies by [[The Heritage Foundation]] and ''[[The Wall Street Journal]]'', and it remains one of the world's top five leading financial centers.<ref>{{cite web|title=Hong Kong's status as world's freest economy threatened by Singapore, says Heritage Foundation|url=http://www.scmp.com/business/economy/article/1405318/hong-kongs-status-worlds-freest-economy-threatened-singapore-says?page=all|website=South China Morning Post-Economy|date=2014-01-14}}</ref>

In Southeast Asia, economic development was fueled by the growth of the [[bamboo network]]. The bamboo network refers to a network of [[overseas Chinese]] businesses operating in the markets of Southeast Asia that share common family and cultural ties.<ref>{{cite web|title=The Bamboo Network: Asia's Family-run Conglomerates|url=http://www.strategy-business.com/article/9702?gko=4a3c6|website=Strategy +Business}}</ref> The network expanded as Chinese refugees emigrated to Southeast Asia following the [[Chinese Civil War|Chinese Communist Revolution]] in 1949.<ref name="Weidenbaum">{{cite book|author=Murray L Weidenbaum|title=The Bamboo Network: How Expatriate Chinese Entrepreneurs are Creating a New Economic Superpower in Asia|url=https://archive.org/details/bamboonetworkhow00weid|url-access=registration|date=1 January 1996|publisher=Martin Kessler Books, Free Press|isbn=978-0-684-82289-1|pages=[https://archive.org/details/bamboonetworkhow00weid/page/4 4]–8}}</ref> [[Singapore]] in particular experienced very rapid economic growth after declaring independence in 1965, following a two-year federation with [[Malaysia]]. In addition to creating a conducive economic and political climate, the government developed the skills of its multi-racial workforce, and established export-oriented industries by encouraging foreign investors to set up regional operations in manufacturing. The government also played a prominent role in [[Singapore]]'s growth as a major financial and business services centre. [[Singapore]] is today one of the richest countries in the world, both in terms of [[GNI per capita]], and [[GDP (PPP) per capita]].

This period was also marked by military conflict. Wars driven by the [[Cold War]], notably in Vietnam and Afghanistan, wrecked the economies of these respective nations. When the [[Soviet Union]] collapsed in 1990–91, many [[Central Asia]]n states were cut free and were forced to adapt to pressure for democratic and economic change. Also, several of the USSR's allies lost valuable aid and funding.<ref>{{cite web|title=Korean War and Japan's Recovery|url=https://history.state.gov/milestones/1945-1952/korean-war|website=Office of the Historian}}</ref>

====1991–2007====
The [[Economy of People's Republic of China|Chinese economy]] [[Chinese economic reform|boomed]] under the economic measures undertaken by [[Deng Xiaoping]], in the late 1970s, and continuing under [[Jiang Zemin]] and [[Hu Jintao]] in the 1990s and 2000s. After the [[Economic liberalisation in India|liberalization]] of the [[economy of India]], growth in India and China increasingly shifted the center of gravity of the global economy towards Asia. By the late 2000s, China's economic growth rate exceeded 11% while India's growth rate increased to around 9%. One of the factors was the sheer size of the population in this region.

Meanwhile, South Korea, Taiwan, Hong Kong and Singapore emerged as the [[Four Asian Tigers]] with their GDPs growing well above 7% per year in the 1980s and the 1990s. Their economies were mainly driven by growing exports.<ref>{{cite web|title=Asianomics: Dynamics of Asia's Economic Growth|url=http://board.mk.co.kr/view.php?id=wkf2011_news_e&p=&c=0&f=&fk=&s=&o=&v=&brand_code=&no=25|website=World Knowledge Forum|access-date=16 November 2014}}</ref> The Philippines only began to open up its stagnated economy in the early 1990s.<ref name="Page2003">{{cite book|author=Kogan Page|title=Asia and Pacific Review 2003/04|url=https://books.google.com/books?id=z1cpiEJMAi8C&pg=PA295|year=2003|publisher=Kogan Page Publishers|isbn=978-0-7494-4063-3|page=295}}</ref> Vietnam's economy began to grow in 1995, shortly after the United States and [[Vietnam]] restored economic and political ties.<ref>{{cite journal|last1=Burghardt|first1=Raymond|title=Old Enemies Become Friends: U.S. and Vietnam|journal=Brookings East Asia Commentary|date=November 2006|issue=3|url=http://www.brookings.edu/research/opinions/2006/11/southeastasia-burghardt|access-date=16 November 2014}}</ref>

Throughout the 1990s, the manufacturing ability and cheap labor markets in Asian developing nations allowed companies to establish themselves in many of the industries previously dominated by companies from developed nations. By the dawn of the 21st century, Asia became the world's largest continental source of [[automobiles]], [[machinery]], audio equipment and other [[electronics]].<ref>{{cite web|last1=Morrison|first1=Wayne|title=China-U.S. Trade Issues|url=https://fas.org/sgp/crs/row/RL33536.pdf|website=Federation of American Scientist|access-date=16 November 2014}}</ref>

At the end of 1997, Thailand was hit by [[speculation|currency speculators]], and the value of the [[Thai baht|Baht]] along with its annual growth rate fell dramatically. Soon after, the [[1997 Asian financial crisis]] spread to the ASEAN region, South Korea and other countries in Asia, resulting in great economic damage on the affected countries (but with Japan and China both largely escaping the crisis). In fact, some of the economies, most notably those of Thailand, Indonesia, and South Korea actually contracted. By 1999, most countries had already recovered from the crisis.<ref>{{cite journal|last1=Elangkovan|first1=Kaviyarasu|last2=Said|first2=Muhammad|title=he Asian Financial Crisis 1997–1998 and Malaysian Response: An Analytical Approach|journal=Australian Journal of Basic and Applied Sciences|date=2013|pages=622–633|url=https://www.academia.edu/5973877|access-date=16 November 2014}}</ref> In 2001, almost all economies in both Europe and Asia were adversely affected by the [[September 11 attacks]], with Indonesia and Japan was hardest. Both continents quickly recovered from the attacks in United States after more than a year.<ref>{{cite web|title=9/11 Attacks|url=http://www.history.com/topics/9-11-attacks|website=history|date=26 June 2023 }}</ref>

In 2004, parts of Sumatra and South Asia were severely damaged by [[2004 Indian Ocean earthquake|an earthquake and the subsequent tsunami]]. The tsunami wreaked havoc, causing massive damage in the infrastructure of the hit areas, particularly Indonesia, and displaced millions. For a short time, GDP contracted among nations such as [[Indonesia]] and [[Sri Lanka]], despite massive inflow of foreign aid in the aftermath of the disaster.<ref>{{Cite book|last1=Jayasuriya|first1=Sisira|last2=McCawley|first2=Peter|title=Reconstruction after a Major Disaster: Lessons from the Post-Tsunami Experience in Indonesia, Sri Lanka, and Thailand|url=https://www.adb.org/publications/reconstruction-after-major-disaster-lessons-post-tsunami-experience-indonesia-sri-lanka|website=ADB Institute|access-date=28 March 2016|publisher=Asian Development Bank|date=2008-12-15|issue=125 }}</ref>

The [[economy of Japan]] suffered its worst post-World War II economic stagnation set in the early 1990s (which coincided with the end of [[Cold War]]), which was triggered by the latter event of the [[1997 Asian financial crisis]]. It, however, rebounded strongly in the early 2000s due to strong growth in exports, although unable to counteract China in 2005 after China gradually surpassed it as the largest economy in Asia.<ref>{{cite web|title=Korean War and Japan's Recovery|url=https://history.state.gov/milestones/1945-1952/korean-war|website=Office of Historian}}</ref>

From 1995 to 2005, share of Asian foreign exchange reserves had risen from 46 percent to 67 percent. From 2002 to 2005, central banks in Asia alone accounted for three-quarters of total global currency reserve buildup.<ref>{{cite book |last1=Rajan |first1=RS |last2=Rongala |first2=S |title=Asia In The Global Economy: Finance, Trade And Investment |date=3 January 2008 |publisher=World Scientific |isbn=9789814475822 |page=3 |url=https://books.google.com/books?id=4vj4CgAAQBAJ |access-date=4 February 2023}}</ref>

====2008–2019====
[[File:Worlds regions by total wealth(in trillions USD), 2018.jpg|thumb|250px|Worlds regions by total [[wealth]] (in trillions USD), 2018]]
The [[financial crisis of 2007–2008]], triggered by the housing bubble in the [[United States]], caused a significant decline in the GDP of the majority of the [[Economy of Europe|European economies]]. In contrast, most Asian economies experienced a temporary slowdown in their rates of economic growth, particularly [[Japan]], [[Taiwan]], [[South Korea]], and [[China]], resuming their normal growth soon after.<ref>{{cite web|last1=Holt|first1=Jeff|title=A Summary of the Primary Causes of the Housing Bubble and the Resulting Credit Crisis: A Non-Technical Paper|url=http://www.uvu.edu/woodbury/docs/summaryoftheprimarycauseofthehousingbubble.pdf|access-date=2014-11-25|archive-url=https://web.archive.org/web/20141017015959/http://www.uvu.edu/woodbury/docs/summaryoftheprimarycauseofthehousingbubble.pdf|archive-date=2014-10-17|url-status=dead}}</ref>

The [[Arab Spring]] and the ensuing civil unrests since 2011 had caused economic malaise in [[Syria]], [[Lebanon]] and [[Yemen]], amongst the most adversely affected nations in the Middle East. At the same time, in the early 2010s, [[Iraq]], [[Saudi Arabia]], the [[United Arab Emirates]] and [[Kuwait]] registered their highest GDP growths on record in the years that followed due to increased oil prices and further diversification of exports, as well as rising [[foreign exchange reserves]].<ref>{{cite web|title=The Arab Spring of 2005|url=http://seattletimes.com/html/opinion/2002214060_krauthammer21.html|website=Seattle Times}}</ref>

In 2013, in a once-in-a-decade party leadership reshuffle in [[China]] (change of [[Hu-Wen Administration]] to [[Xi-Li Administration]]), the Chinese economy experienced a significant slowdown in the GDP growth, slowing down from the unprecedented decades of 9–10% annual growth to around 7–8%, which has significant effect in some developing economies, particularly in Southeast Asia and [[India]].

The [[Philippines]], however, managed to grow at rates at par with China in the period 2012–2013, and became the world's fastest growing emerging market economy in the second half of the 2010s decade, overtaking [[Economy of Malaysia|Malaysia]] in 2017 as the fourth largest economy overall in Southeast Asia. It also recovered after getting hit by [[Typhoon Haiyan]], the strongest storm on record to make landfall, in November 2013, which killed at least 5,200 and displacing millions more.<ref>{{cite web|title=China's Dodgy Data Is Under Scrutiny Again, With Latest GDP Release|url=http://www.businessweek.com/articles/2014-01-24/chinas-dodgy-data-under-scrutiny-again-with-latest-gdp-release|archive-url=https://web.archive.org/web/20140125101050/http://www.businessweek.com/articles/2014-01-24/chinas-dodgy-data-under-scrutiny-again-with-latest-gdp-release|url-status=dead|archive-date=25 January 2014|website=Bloomberg Business Week}}</ref>

On September 29, 2013, China opened the [[Shanghai Free-Trade Zone]]. This free trade zone allows international trade to be conducted with fewer restrictions and lower customs duties.  The zone is tax free for the first ten years to encourage foreign direct investment (FDI) with a 'negative list' used to regulate in which fields foreign investments are prohibited.<ref>{{Cite web|url=https://www.mondaq.com/china/corporate-and-company-law/310992/china-shanghai-pilot-free-trade-zone-ii-new-developments|title=China (Shanghai) Pilot Free Trade Zone (II): New Developments - Corporate/Commercial Law - China|website=www.mondaq.com}}</ref><ref>{{Cite news|url=https://www.bbc.com/news/business-24322313|title=Shanghai free-trade zone launched|newspaper=BBC News|date=2013-09-29}}</ref> In 2018, [[Economy of India|India]] has overtaken [[Economy of Japan|Japan]] as the second largest economy in Asia and the third largest overall in the world, while [[Economy of China|China]] has overtaken the [[Economy of the United States|U.S.]] in terms of purchasing power parity or [[List of countries by GDP (PPP) per capita|GDP (PPP)]] in the world, marking the first time in almost 2 centuries that any country outside the Americas and Europe has taken the top spot globally.

====2020–present====
The Asian economies were affected by the demographic shifts between [[Demographics of China|China]] and [[Demographics of India|India]], the latter becoming the world's most populous country in the middle of the decade, as well as the [[COVID-19 pandemic]] that started in the [[Hubei]] province of [[2019-20 coronavirus pandemic in mainland China|China]], the country of origin of the first confirmed virus case. [[Economy of China|China's economy]] experienced its first contraction in the post-[[Mao Zedong|Mao]] era as a result of the [[COVID-19 pandemic]]. [[Economy of Iran|Iran]] is the second worst-hit country in Asia in terms of mortality rate after India, raising concerns of an economic collapse following the U.S. expansion of [[sanctions against Iran|sanctions]] against them during the [[Trump administration]] since 2019 and declining oil prices due to both the [[crisis in Venezuela|ongoing economic collapse in Venezuela]] and the [[2020 Russia–Saudi Arabia oil price war|oil price war between Saudi Arabia and Russia]].

[[Economy of Japan|Japan]] was also affected by the [[COVID-19 pandemic]] amidst its [[Aging of Japan|declining population]] and a [[Lost Decade (Japan)|stagnant economy]] since the 2011 [[Fukushima Daiichi nuclear disaster|Fukushima nuclear accident]], with its postponed hosting of the [[2020 Summer Olympics|Summer Olympics to 2021]]. [[South Korea]], [[Singapore]], [[Qatar]], the [[Philippines]], [[Indonesia]] and [[India]] were also affected by the [[COVID-19 pandemic]], further raising fears of a [[recession]] across the continent after a streak of [[2020 stock market crash|stock market losses]] in the region amidst [[2020 India coronavirus lockdown|nationwide lockdown]] in India and continued school and work closures in China, effectively quarantining more than 2 billion people (a quarter of the world's current human population).

[[Turkey]] was one of the few nations in the globe where activity continued to grow throughout the COVID pandemic, while Central Asian nations withstood the crisis with less economic damage. Turkey and Syria's economies, however, faced pressure as a result of the [[2023 Turkey-Syria earthquakes|series of earthquakes]] that struck both countries in 2023 alongside continuing western sanctions against both countries. The [[Economic contraction|economic contractions]] in nations with strong tourism-focused economies and nations with stricter pandemic containment policies, particularly in Thailand and Indonesia, were shorter but both significantly more severe during the COVID pandemic. [[Economy of Vietnam|Vietnam's economy]], however, benefited from their [[COVID-19 pandemic in Vietnam|strong COVID pandemic response]] and overtook the Philippines as the third largest economy in Southeast Asia in 2022.<ref name=":502">{{Cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/business-resilience-in-the-pandemic-and-beyond |title=Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia |date=2022-05-18 |publisher=European Investment Bank |isbn=978-92-861-5086-9 |language=EN}}</ref><ref>{{Cite web |title=COVID-19 crisis response in Central Asia |url=https://www.oecd.org/coronavirus/policy-responses/covid-19-crisis-response-in-central-asia-5305f172/ |access-date=2022-07-19 |website=OECD |language=en}}</ref><ref>{{Cite web |title=East Asia and Pacific: Pandemic "Triple Shock" Hitting Economies Across Region |url=https://www.worldbank.org/en/news/press-release/2020/09/28/east-asia-and-pacific-pandemic-triple-shock-hitting-economies-across-region |access-date=2022-07-19 |website=World Bank |language=en}}</ref>

==== Future ====
Asia's large economic disparities are a source of major continuing tension in the region.<ref>{{cite journal|last1=Sharma|first1=Manohar|last2=Inchauste|first2=Gabriela|last3=Feng|first3=Juan|title=Rising Inequality with High Growth and Falling Poverty and pacific|journal=An Eye on East Asia and Pacific|issue=9|url=http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/09/05/000333037_20110905022828/Rendered/PDF/643770BRI0Risi00Box0361535B0PUBLIC0.pdf|access-date=16 October 2014}}</ref> While global economic powers China, Japan, India, South Korea, Taiwan continue powering through, and Indonesia, Malaysia, Philippines, [[Thailand]], Vietnam, Bangladesh and [[Sri Lanka]] have entered the path to long-term growth, regions right next to these countries are in severe need of assistance.

Given the enormous quantity of cheap labor in the region, particularly in China and India, where large workforces provide an economic advantage over other countries, the rising standard of living will eventually lead to a slow-down. Asia is also riddled with political problems that threaten not just the economies, but the general stability of the region and world. The nuclear neighbours, Pakistan and India, constantly [[Indo-Pakistani wars and conflicts|pose a threat]] to each other, causing their governments to invest heavily in [[military spending]].<ref>{{cite web|title=Military expenditure|url=http://www.sipri.org/yearbook/2003/10|website=SIPRI}}</ref>

Another potential global danger posed by the economy of Asia is the growing accumulation of [[foreign exchange reserves]].  The countries/regions with the largest foreign reserves are mostly in Asia – China (Mainland – $3,205 billion & Hong Kong – $430.7 billion, April 2023), Japan ($1,253 billion, June 2023), Russia ($599 billion, May 2023), India ($594.8 billion, August 2023), Taiwan ($566.4 billion, July 2023), South Korea ($418.3 billion, August 2023), and [[Singapore]] ($326.7 billion, July 2023). This increasingly means that the interchangeability of the Euro, USD, and GBP are heavily influenced by Asian central banks. Some economists in the western countries see this as a negative influence, prompting their respective governments to take action.<ref>{{cite web |title=Currency Composition of Official Foreign Exchange Reserves (COFER) |url=http://www.imf.org/external/np/sta/cofer/eng/ |website=International Monetary Fund |url-status=dead |archive-url=https://web.archive.org/web/20141008044100/http://www.imf.org/external/np/sta/cofer/eng/ |archive-date=2014-10-08 }}</ref>

According to the [[World Bank]], China surpassed the United States and the European Union to become the world's largest economy in terms of purchasing power by early 2015, followed by India. Both countries are expected to rank in the same positions between 2020 and 2040.<ref>[http://siteresources.worldbank.org/CHINAEXTN/Resources/318949-1268688634523/medium_term_scenario.pdf World Bank China Office Research Working Paper No. 9 – China Through 2020: A Macroeconomic Scenario]</ref> Moreover, based on Hurun Report, for the first time in 2012 Asia surpassed North America in amount of [[billionaires]].<ref>{{cite web |title=Asia has the world's most billionaires: Survey |url=http://www.plushasia.com/media_photo/20269 |access-date=March 11, 2013}}</ref> 951 billionaires came from Asia, whereas North America had 777 billionaires and Europe with 536 billionaires.<ref>{{Cite web |title=With 950 billionaires, Asia outnumbers all other regions: Forbes |url=https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms |access-date=2023-09-05 |website=Business Insider}}</ref>

Businesses anticipate that it will take an average of five months for revenues to return to pre-pandemic levels and two months for the workforce to do the same. It is anticipated that Central Asian nations will be more severely impacted. Only 4% of those businesses that were permanently closed anticipate to open again, with the impacted industries' levels of heterogeneity ranging from 3% in the [[lodging]] and [[Food industry|food services sector]] to 27% in the [[Retail|retail trade sector]].<ref name=":50">{{Cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/business-resilience-in-the-pandemic-and-beyond |title=Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia |date=2022-05-18 |publisher=European Investment Bank |isbn=978-92-861-5086-9 |language=EN}}</ref><ref>{{Cite web |title=The Next Normal: Business Trends for 2021 {{!}} McKinsey |url=https://www.mckinsey.com/featured-insights/leadership/the-next-normal-arrives-trends-that-will-define-2021-and-beyond |access-date=2022-07-19 |website=www.mckinsey.com}}</ref><ref>{{Cite web |title=How COVID-19 has changed B2B sales forever {{!}} McKinsey |url=https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/these-eight-charts-show-how-covid-19-has-changed-b2b-sales-forever |access-date=2022-07-19 |website=www.mckinsey.com}}</ref>

==Regional variation==

===Asian countries by GDP===
{{Main|List of Asian countries by GDP}}

=== Regional economies of Asia ===

==== Economy of East Asia ====
{{Excerpt|Economy of East Asia|paragraphs=1}}

==== Economy of South Asia ====
{{Excerpt|Economy of South Asia|paragraphs=1}}

===Recent reforms in China===
Following a Third Plenum of the [[Central Committee of the Chinese Communist Party]] in 2013 China revealed plans for several sweeping social and economic reforms.  The government would relax its [[one-child policy]] to allow single-child parents to have two kids.  This reform was implemented as a response to the aging population of China and provide more labor.  The government also reformed the [[hukou system]], allowing the labor force to become more mobile.<ref name="CNBC">{{cite web|url=https://www.cnbc.com/id/101205322#.|title=China's economic reforms: What you need to know|work=CNBC|access-date=1 October 2014|date=2013-11-18}}</ref>

The reforms will make financial loan systems more flexible encouraging increased economic involvement of private firms.  Additionally, state-owned enterprises will be required to pay higher dividends to the government.  The benefits of this will go to Social Security.  Reform also allows farmers to own land for the first time ideally encouraging farmers to sell their land and move to cities which will boost consumerism and increase urban work force.<ref name="CNBC"/>

On April 10, 2014, China Securities Regulatory Commission (CSRC) and Securities and Futures Commission (CSRC) made a Joint Announcement about the approval for the establishment of mutual stock market access between Mainland China and Hong Kong.<ref>{{cite web|title=Shanghai-Hong Kong Stock Connect|url=http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/Documents/EP_CP_Book_En.pdf|website=Hong Kong Exchanges and Clearing Limited|access-date=24 November 2014|archive-date=28 December 2016|archive-url=https://web.archive.org/web/20161228033252/http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/Documents/EP_CP_Book_En.pdf|url-status=dead}}</ref>  Under the ‘Connect Program’, the Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange will establish mutual order-routing connectivity and related technical infrastructure to enable investors to invest in Chinese equities market directly. On November 17, 2014, the program officially launched with the approvals from Beijing.<ref>{{cite news|last1=Hunter|first1=Gregor|title=China to Start Stock Trading Link Next Week|url=https://www.wsj.com/articles/china-to-start-stock-trading-link-next-week-1415581546|access-date=24 November 2014|newspaper=Wall Street Journal|date=10 November 2014}}</ref>

The 'Connect Program' is an initiative with significance to both Hong Kong and Mainland. It brings another opportunity for the growth of the Hong Kong securities market. More importantly, it provides, for the first time, a feasible, controllable and expandable channel to investors to invest in both Hong Kong and Mainland, in addition to current schemes including QDII, QFII, AND RDFII programs.<ref>{{cite web|title=Shanghai-Hong Kong Stock Connect|url=http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/Documents/EP_CP_Book_En.pdf|website=Hong Kong Exchange and Clearing Limited|access-date=24 November 2014|archive-date=28 December 2016|archive-url=https://web.archive.org/web/20161228033252/http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/Documents/EP_CP_Book_En.pdf|url-status=dead}}</ref>

Local government's spending plays a critical role in China's fiscal system. Following the 1991 intergovernmental fiscal reform, the central government's share of total fiscal revenue increase from less than 30 percent to around 50 percent in 2012.<ref>{{cite journal|last1=Zhang|first1=Yuanyan|last2=Barnett|first2=Steven|title=Fiscal Vulnerabilities and Risks from Local Government Finance in China|journal=IMF Working Paper|date=January 2014|volume=14|issue=4|pages=1–28|doi=10.5089/9781484349953.001|s2cid=154079795|url=http://www.imf.org/external/pubs/ft/wp/2014/wp1404.pdf|access-date=24 November 2014}}</ref> Local governments are now responsible for infrastructure investment, service delivery and social spending, which together account for about 85 percent of the total expenditure. Without a rule to guide the distribution of intergovernmental expenditure responsibilities, significant levels of risk would be associated with the spending.

China's central administration will impose hard caps on local government borrowing in order to control financial risks from an explosive level. Statistics showed that total debt had reached $3 trillion by the middle of 2013, raising total government debt to 58 percent of GDP. Similar jump occurred in corporate debt as well, which pushed China's overall debt-GDP ratio up to 261% from 148% in 2008. IMF warned that rapid debt run-ups could lead to financial crisis.<ref>{{cite news|last1=Wildau|first1=Gabriel|title=China to cap local government debt|url=http://www.ft.com/intl/cms/s/0/a2fb9fec-4a18-11e4-8de3-00144feab7de.html#axzz3JFnO|access-date=24 November 2014|newspaper=Financial Times|date=2 October 2014}}</ref>

The new rules are expected to be combined with broader fiscal reforms aimed at bringing local government tax revenue in line with expenditure. The central government will provide more guidance to local governments in terms of how to manage and invest wisely.

As of 2017, China has the world's second largest economy by nominal GDP at $11.8 trillion. It is the largest manufacturing economy in the world, and is the largest exporter of goods. China is also the world's largest producer and consumer of agricultural products. China is a leading producer of rice, and is a key producer of wheat, corn, tobacco, soybeans, and potatoes, among others. Though thee real estate industry in China has taken, China has had the largest real estate market in the world. China's service sector has doubled in size, accounting for 46% of China's total GDP. In 2011, the Chinese government instituted a five-year plan to prioritize the development of the service economy. The telecommunications sub-sector in China is one of the largest in the world, with over a billion mobile customers. Tencent, the developer of WeChat, is one of the dominating players in the telecommunication sector.<ref name="internasia.com">{{cite web| url=https://www.internasia.com/asian-economies-powerhouses-potentials| title=Asian Economies: Powerhouses and potentials| date=August 2017| access-date=4 August 2017| archive-date=8 November 2020| archive-url=https://web.archive.org/web/20201108122646/https://www.internasia.com/asian-economies-powerhouses-potentials| url-status=dead}}</ref>

===Economic liberalisation in India===
[[File:The Prime Minister Shri P.V. Narasimha Rao presiding over a full meeting of the of the Planning Commission in New Delhi on July 23, 1993.jpg|alt=|thumb|Under the then premiership of [[P. V. Narasimha Rao|P.V. Narashimha Rao]] and Finance Minister [[Manmohan Singh]], Indian economy opened itself to world market. ]]
The [[economic liberalisation in India]] refers to the ongoing economic liberalisation, initiated in 1991, of the country's economic policies, with the goal of making the economy more market-oriented and expanding the role of private and foreign investment. Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the 1990s and 2000s. The overall direction of liberalisation has since remained the same.

Though governments has yet to solve a variety of politically difficult issues, such as liberalising labour laws and reducing [[Agricultural subsidy|agricultural subsidies]] along with corruptions and fiscal deficits to sustain the growth.

The [[economy of India]] is the [[List of countries by GDP (nominal)|fifth-largest]] in the world by [[gross domestic product|nominal GDP]] and the [[List of countries by GDP (PPP)|third-largest]] by [[purchasing power parity]] (PPP).<ref name=IMF_GDP>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2014/01/weodata/weorept.aspx?pr.x=79&pr.y=7&sy=2012&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&c=534&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC&grp=0&a=|title=India|publisher=International Monetary Fund|access-date=2014-04-08}}</ref> The country is classified as a [[newly industrialized country]], one of the [[G-20 major economies]], a member of [[BRICS]] and a [[Developing country|developing economy]] with an average growth rate of approximately 7% over the last two decades. [[Maharashtra]] is the richest Indian state and has an annual GDP of US$430 billion, nearly equal to that of [[Pakistan]] or [[Portugal]], and accounts for 12% of the Indian GDP followed by the states of [[Tamil Nadu]], [[Uttar Pradesh]], [[West Bengal]] and [[Gujarat]]. [[India]]'s economy became the world's fastest growing [[G20 major economies|major economy]] from the last quarter of 2014, replacing the [[People's Republic of China]].<ref>{{Cite web|url=https://www.dnaindia.com/business/report-india-clocks-75-growth-in-january-march-quarter-becomes-world-s-fastest-growing-economy-2090462|title=India clocks 7.5% growth in January–March quarter, becomes world's fastest growing economy|date=May 29, 2015|website=DNA India}}</ref>

The long-term growth prospective of the [[Indian economy]] is highly positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy.<ref>{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/india/|title=India|date=September 27, 2021|publisher=Central Intelligence Agency|via=CIA.gov}}</ref> The [[Indian economy]] has the [[economic potential|potential]] to become the world's [[List of countries by GDP (nominal)|3rd-largest economy]] by the next decade, and one of the [[List of countries by GDP (PPP)|largest economies]] by mid-century.<ref>{{Cite web|url=https://thediplomat.com/2015/02/china-india-to-lead-world-by-2050-says-pwc/|title=China, India To Lead World By 2050, Says PwC|first=Anthony|last=Fensom|website=thediplomat.com}}</ref><ref>{{Cite web|url=https://www.linkedin.com/pulse/20141021025537-47732347-india-world-s-largest-economy-by-2050-citi-report|title=India world's largest economy by 2050: Citi report|website=Linkedin}}</ref> And the outlook for short-term growth is also good as according to the [[IMF]], the Indian economy is the "bright spot" in the global landscape.<ref>{{Cite web|url=https://www.imf.org/en/News/Articles/2015/09/28/04/53/socar031115a|title=IMF Survey : India's Economic Picture Brighter, but Investment, Structural Reforms Key|first=I. M. F.|last=Survey|website=IMF}}</ref> India also topped the [[World Bank]]'s growth outlook for 2015–16 for the first time with the economy having grown 7.3% in 2014–15 and expected to grow 7.5–8.3% in 2015–16.<ref>{{Cite web|url=https://foreignpolicy.com/2015/06/11/india-tops-world-banks-growth-outlook-for-first-time-bomb-attack-on-afghan-news-agency-deadly-week-for-quetta-police-force/|title=India Tops World Bank's Growth Outlook for First Time; Bomb Attack on Afghan News Agency; Deadly Week for Quetta Police Force|first=Emily|last=Schneider|date=11 June 2015 }}</ref>

India has the one of fastest growing [[Service Sector|service sectors]] in the world with annual growth rate of above 9% since 2001, which contributed to 57% of GDP in 2012–13.<ref>{{Cite news|url=https://www.thehindu.com/business/budget/india-has-second-fastest-growing-services-sector/article6193500.ece|title=India has second fastest growing services sector|first=Yuthika|last=Bhargava|newspaper=The Hindu |date=July 9, 2014|via=www.thehindu.com}}</ref> India has capitalized its economy based on its large educated English-speaking population to become a major exporter of [[Information Technology|IT]] services, [[Business Process Outsourcing|BPO]] services, and [[software]] services with $174.7 billion worth of service exports in 2017–18. It is also the fastest-growing part of the economy.{{citation needed|date=April 2019}}  The IT industry continues to be the largest private sector employer in [[India]].<ref>{{Cite web|url=https://www.livemint.com/Industry/bCLOgyaLGiIi6TuhmN0S7J/Indian-IT-services-exports-seen-growing-1214-in-year-ahead.html|title=Indian IT services exports seen growing 12-14% in year ahead|first=Beryl|last=Menezes|date=February 10, 2015|website=mint}}</ref> India is also the fourth largest start-up hub in the world with over 3,100 technology start-ups in 2014–15<ref>{{Cite web|url=https://www.business-standard.com/article/pti-stories/india-4th-largest-start-up-hub-in-world-eco-survey-115022700394_1.html|title=India 4th largest start-up hub in world: Eco survey|agency=Press Trust of India|date=February 27, 2015|via=Business Standard}}</ref> The [[agricultural sector]] is the largest employer in India's economy but contributes to a declining share of its GDP (17% in 2013–14). India [[List of largest producing countries of agricultural commodities|ranks second]] worldwide in farm output.<ref name=tet137>[http://articles.economictimes.indiatimes.com/2013-08-30/news/41618996_1_gdp-foodgrains-allied-sectors Agriculture's share in GDP declines to 13.7% in 2012–13] The Economic Times</ref> The [[Industrial sector|Industry]] sector has held a constant share of its economic contribution (26% of GDP in 2013–14).{{citation needed|date=April 2019}} The [[Automotive industry in India|Indian automotive industry]] is one of the largest in the world with an annual production of 21.48 million vehicles (mostly two wheelers and cars) in FY 2013–14.<ref>[http://www.ibef.org/industry/india-automobiles.aspx IBEF, Auto Industry].</ref> India has $600 billion worth of [[Retailing in India|retail market]] in 2015 and one of world's fastest growing E-Commerce markets.<ref>{{Cite web|url=https://www.ibef.org/industry/retail-india.aspx|title=Retail Industry in India|website=www.ibef.org}}</ref><ref>{{Cite web|url=https://www.business-standard.com/article/companies/india-set-to-become-world-s-fastest-growing-e-commerce-market-115020601227_1.html|title=India set to become world's fastest growing e-commerce market|first=Malini|last=Bhupta|date=February 6, 2015|via=Business Standard}}</ref>

India's two major stock exchanges, [[Bombay Stock Exchange]] and [[National Stock Exchange of India]], had a market capitalization of US$1.71 trillion and US$1.68 trillion respectively as of Feb 2015, which ranks [[List of stock exchanges|11th & 12 largest]] in the world respectively according to the World Federation of Exchanges.<ref name="bseindia.com">{{Cite web|url=https://www.bseindia.com/|title=BSE|website=www.bseindia.com}}</ref> India also home to world's third largest Billionaires pool with 97 billionaires in 2014 and fourth largest number of ultra-high-net-worth households that have more than 100 million dollars.<ref>{{Cite web|url=https://zeenews.india.com/business/news/economy/india-has-4th-largest-ultra-high-net-worth-households-report_129040.html|title=India has 4th largest ultra-high-net-worth households: Report|date=June 16, 2015|website=Zee News}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/BL-IRTB-28234|title=India Has World's Third-Largest Number of Billionaires|first=Atish|last=Patel|newspaper=Wall Street Journal |date=February 4, 2015|via=www.wsj.com}}</ref>

India is a member of the [[Commonwealth of Nations]], the [[South Asian Association for Regional Cooperation]], the [[G20]], the [[International Monetary Fund]], the [[World Bank]], the [[World Trade Organization]], the [[Asian Infrastructure Investment Bank]], the [[United Nations]] and the [[New Development Bank|New Development BRICS Bank]].

Successive Indian governments have been advised to continue liberalisation. Even though, in early years India grew at slower pace than China (however, since 2013 India has been growing faster than its northern counterpart in terms of percentage of GDP growth, although China's absolute growth still exceeds India by a large margin). The McKinsey Quarterly states that removing main obstacles "would free India's economy to grow at 10% a year".

There has been significant debate, however, around liberalisation as an inclusive economic growth strategy. Since 1992, income inequality has deepened in India with consumption among the poorest staying stable while the wealthiest generate consumption growth. As India's gross domestic product (GDP) growth rate became lowest in 2012–13 over a decade, growing merely at 5.1%,<ref name=":0" /> more criticism of India's economic reforms surfaced, as it apparently failed to address employment growth, nutritional values in terms of food intake in calories, and also exports growth – and thereby leading to a worsening level of current account deficit compared to the prior to the reform period. But then in FY 2013–14 the growth rebounded to 6.9% and then in 2014–15 it rose to 7.3% as a result of the reforms put by the New Government which led to the economy becoming healthy again and the current account deficit coming in control. Growth reached 7.5% in the Jan–Mar quarter of 2015 before slowing to 7.0% in Apr–Jun quarter

By 2050, India's economy is expected to overtake the US economy, putting it behind China in the world's largest economies. Like China, agriculture makes up a large part of the Indian economy. As the Indian economy has grown, agriculture's contribution to GDP has steadily declined, but it still makes up a large portion of the workforce and socio-economic development. India's industrial manufacturing GDP output was the 6th largest in the world in 2015, largely due to petroleum products and chemicals. India's pharmaceutical industry has also grown at a compound annual growth rate of 17.5% over the last 11 years, and is one of India's fastest-growing sub-sectors today. However, the engineering industry in India is still the largest sub-sector by GDP.
Perhaps the most exciting development in India is its incredibly fast-growing information technology and business process outsourcing sub-sector. Cities like [[Bangalore]], [[Hyderabad]] rival the United States's Silicon Valley in innovation and technological advancement as more and more skilled, tech-savvy students and young professionals are entering the entrepreneurial world.<ref name="internasia.com"/>

[[India]]'s telecommunication network is the second largest in the world by number of telephone users (both fixed and mobile phone) with 1.183 billion subscribers as on 31 May 2019. It has one of the lowest call tariffs in the world enabled by mega telecom operators and hyper-competition among them. As on 31 July 2018, India has the [[List of countries by number of Internet users|world's second-largest]] Internet user-base with 460.24 million broadband internet subscribers in the country.

===Abenomics in Japan===
[[File:Abe Shinzo.jpg|alt=|thumb|[[Shinzo Abe]], the former Prime Minister of Japan, who initiated economic reforms popularly called Abenomics.]]
[[Abenomics]] was a policy named after, and implemented by the former Japanese Prime Minister [[Shinzō Abe]].  Following the [[great recession|global economic recession]], the Prime Minister hoped to boost Japanese economy with "three arrows": massive fiscal stimulus, more aggressive monetary easing and structural reforms to make Japan more competitive.<ref>{{cite web|title=Defining Abenomics|url=http://lexicon.ft.com/Term?term=abenomics|website=Financial Times|access-date=1 October 2014|archive-url=https://web.archive.org/web/20171118081548/http://lexicon.ft.com/Term?term=abenomics|archive-date=18 November 2017|url-status=dead}}</ref>  The stimulus package was 20.2 trillion yen ($210 billion) and the government also aimed to create 600,000 jobs in two years. In addition, this stimulus package aimed to ensure public safety with reconstruction efforts, creating a base for future business growth, and revitalizing regions by promoting tourism, revitalizing public transport, and improving infrastructure.<ref>{{cite web|last1=Xu|first1=Beina|title=Abenomics and the Japanese Economy|url=http://www.cfr.org/japan/abenomics-japanese-economy/p30383|website=Council on Foreign Relations|access-date=16 November 2014|archive-date=20 November 2016|archive-url=https://web.archive.org/web/20161120064821/http://www.cfr.org/japan/abenomics-japanese-economy/p30383|url-status=dead}}</ref>

The Bank of Japan also aimed to raise [[inflation]] to 2% in part by buying up short-term government debts. Critics point out that hyperinflation and an unbalanced GDP/debt ration could be negative results of Abenomics.  Furthermore, currency changes could aggravate international relations, especially those between China and Japan.<ref>{{cite web|url=http://www.cfr.org/japan/abenomics-japanese-economy/p30383|title=Abenomics and the Japanese Economy|work=Council on Foreign Relations|access-date=1 October 2014|archive-date=20 November 2016|archive-url=https://web.archive.org/web/20161120064821/http://www.cfr.org/japan/abenomics-japanese-economy/p30383|url-status=dead}}</ref>

==Trade blocs==

===Association of Southeast Asian Nations===
The [[Association of Southeast Asian Nations]] (ASEAN) is a political, economic, security, military, educational and socio-cultural organization of countries located in Southeast Asia. Founded in 1967, its aim is to foster cooperation and mutual assistance among members. The countries meet annually every November in summits.<ref>{{cite web|title=Overview|url=http://www.asean.org/asean/about-asean|website=ASEAN. org}}</ref> The organisation serves as a central platform for cooperation and unity in Asia, its affiliates created several trade blocs in the region, including [[Regional Comprehensive Economic Partnership]], the world's largest trade bloc.<ref>{{cite web|last1=Cayabyab|first1=Marc Jayson|title=Cayetano back from sickbed to chair Asean Plus Three meeting|date=7 August 2017 |url=http://globalnation.inquirer.net/159435/alan-peter-cayetano-asean-asean-plus-three-dfa-china-japan-north-korea|language=en}}</ref><ref>{{cite web|url=http://asean.org/storage/2017/06/Overview-of-APT-Cooperation-Jun-2017.pdf|title=Overview of ASEAN Plus Three Cooperation|date=June 2017|website=asean.org|access-date=2018-06-15|archive-date=2018-06-26|archive-url=https://web.archive.org/web/20180626051423/http://asean.org/storage/2017/06/Overview-of-APT-Cooperation-Jun-2017.pdf|url-status=dead}}</ref><ref>{{cite web|url=http://en.people.cn/90780/91343/7571027.html|title=ASEAN Plus Three cooperation is driving force for East Asia - People's Daily Online|website=en.people.cn|access-date=16 April 2018|date=2011-08-16|archive-date=18 February 2019|archive-url=https://web.archive.org/web/20190218203255/http://en.people.cn/90780/91343/7571027.html|url-status=dead}}</ref><ref>{{cite news|title=Chinese premier proposes enhancing ASEAN Plus Three co-op---ASEAN---China Center|url=http://www.asean-china-center.org/english/2010-10/29/c_13582404.htm|work=asean-china-center.org}}</ref>

The current member countries of ASEAN are [[Myanmar]] (Burma), [[Laos]], [[Thailand]], [[Cambodia]], [[Vietnam]], [[Philippines]], [[Malaysia]], [[Brunei Darussalam]], [[Singapore]] and [[Indonesia]]. [[East Timor]] and [[Papua New Guinea]] are given [[observation|observer]] status.<ref>{{cite web|title=ASEAN Member States|url=http://www.asean.org/asean/asean-member-states|website=ASEAN.org}}</ref>

In 2005, ASEAN was instrumental in establishing the [[East Asia Summit]] (involving all ASEAN members plus [[China]], [[Japan]], [[South Korea]], [[India]], [[Australia]] and [[New Zealand]]) which some have proposed may become in the future a trade bloc, the arrangements for which are far from certain and not yet clear.<ref>{{cite web|title=East Asia Summit (EAS)|url=http://www.asean.org/asean/external-relations/east-asia-summit-eas|website=ASEAN}}</ref>

The [[Asian Currency Unit]] (ACU) is a proposed currency unit for the ASEAN "10+3" economic circle. (ASEAN, the mainland of the People's Republic of China, India, Japan, and South Korea).<ref>{{cite web|title=About ASEAN|url=http://www.asean.org/asean/about-asean|website=Association of Southeast Asian Nations|access-date=24 November 2014}}</ref>

=== Shanghai Cooperation Organisation ===
[[File:Shanghai Cooperation Organisation summit, Kyrgyzstan.jpg|alt=|thumb|Shanghai Cooperation Organisation summit, Kyrgyzstan]]
The [[Shanghai Cooperation Organisation|Shanghai Cooperation Organisation (SCO)]] is a [[Eurasia]]n [[politics|political]], [[Economy|economic]], and [[security]] organisation, the creation of which was announced on 15 June 2001 in [[Shanghai]],   [[China]]  . Its members include [[China]], [[Kazakhstan]], [[Kyrgyzstan]], [[Russia]], [[Tajikistan]], [[Uzbekistan]], [[India]] and   [[Pakistan]]  . The Shanghai Cooperation Organisation Charter, formally establishing the organisation, was signed in June 2002 and entered into force on 19 September 2003.<ref>{{cite web|url=http://eng.sectsco.org/about_sco/|title=About SCO|publisher=Shanghai Cooperation Organisation|access-date=2017-06-09}}</ref> Known as the "Alliance of Asia", it is the world's forefront regional organisation in [[Purchasing power parity|economic power]] and [[Power (social and political)|political influence]], one of the world's strongest [[military alliance]]s,<ref>{{Cite web|url=http://www.realcleardefense.com/articles/2015/08/31/is_the_sco_emerging_as_eastern_counterweight_to_nato_108426.html|title=Is the SCO Emerging as Eastern Counterweight to NATO? |website=www.realcleardefense.com}}</ref> and the largest regional organisation in the world in terms of [[Geography|geographical coverage]] and [[World population|population]], covering three-fifths of the [[Eurasia|Eurasian continent]] and nearly half of the human population. At present, the SCO is one of the world's most powerful and influential organisations.<ref>{{cite news |title=Putin Says He Would Welcome a Meeting With Trump |work=The New York Times |date=10 June 2018 |url=https://www.nytimes.com/2018/06/10/world/europe/putin-trump-g7.html |language=en |last1=Higgins |first1=Andrew }}</ref><ref>{{cite news |title=India is Holding Back the Shanghai Cooperation Organisation and BRICS - Eurasia Future |url=https://www.eurasiafuture.com/2018/05/23/india-is-holding-back-the-shanghai-cooperation-organisation-and-brics/ |work=Eurasia Future |date=23 May 2018}}</ref><ref>{{cite news |title=SCO summit will be 'new milestone' in grouping's history: China - Times of India |url=https://timesofindia.indiatimes.com/world/china/sco-summit-will-be-new-milestone-in-groupings-history-china/articleshow/64358909.cms |work=The Times of India}}</ref><ref>{{cite journal |last1=RBTH |first1=special to |title=SCO's next big challenge: Keeping the peace in Asia |date=24 July 2015 |url=https://www.rbth.com/blogs/2015/07/24/scos_next_big_challenge_keeping_the_peace_in_asia_47985.html}}</ref>

===Regional Comprehensive Economic Partnership===
The [[Regional Comprehensive Economic Partnership]] is a proposed [[Free Trade Agreement|free trade agreement]] (FTA) between the ten member states of the [[Association of Southeast Asian Nations]] (ASEAN) ([[Brunei]], [[Cambodia]], [[Indonesia]], [[Laos]], [[Malaysia]], [[Myanmar]], the [[Philippines]], [[Singapore]], [[Thailand]], [[Vietnam]]) and the six states with which ASEAN has existing free trade agreements ([[Australia]], [[China]], [[India]], [[Japan]], [[South Korea]] and [[New Zealand]]). It is the world's largest [[Trade bloc|trading bloc]], covering nearly half of the global economy.<ref name="auto">{{cite news|title=Najib: RCEP likely to be signed in Nov 2018|url=http://www.themalaymailonline.com/malaysia/article/najib-rcep-likely-to-be-signed-in-nov-2018#kLhIUr0450ITuVJx.97|date=15 November 2017}}</ref>

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.<ref name=Challenges>{{cite web|url=http://www.rsis.edu.sg/publications/Perspective/RSIS1402013.pdf|title=RCEP: Challenges and Opportunities for India, 25 July 2013, RSIS, Singapore|website=rsis.edu.sg|access-date=15 June 2018|archive-url=https://web.archive.org/web/20131230233448/http://www.rsis.edu.sg/publications/Perspective/RSIS1402013.pdf|archive-date=30 December 2013|url-status=dead}}</ref> The free trade agreement is scheduled and expected to be signed in November 2020 during the ASEAN Summit and Related Summit in Vietnam.<ref>{{cite news|title=RCEP the key to East Asia's recovery|url=https://www.bangkokpost.com/opinion/opinion/1954851/rcep-the-key-to-east-asias-recovery|work=Bangkok Post|language=en}}</ref> RCEP is viewed as an alternative to the [[Trans-Pacific Partnership]] (TPP), a proposed trade agreement which includes several Asian and American nations but excludes China and India.<ref name=TPP>{{cite web|url=https://www.cnbc.com/2015/10/14/tpp-deal-pressures-rcep-trade-talks-in-busan-china-keen-for-progress.html|title=RCEP: The next trade deal you need to know about|first=See Kit|last=Tang|date=14 October 2015|website=cnbc.com}}</ref>

===Asia-Pacific Trade Agreement===
The [[Asia-Pacific Trade Agreement]] (APTA), formerly called the Bangkok Agreement, is the only trade agreement bringing together China and India, in addition to Bangladesh and the Republic of Korea, among others. The Secretariat of the agreement is provided by the United Nations [[Economic and Social Commission for Asia and the Pacific]] (ESCAP). While the agreement covers only a limited number of products, members agreed in 2009 to implement a Trade Facilitation Framework Agreement aimed at streamlining trade procedures between members.<ref>{{cite web|title=Asia-Pacific Trade Agreement|url=http://www.unescap.org/apta|website=United Nations: ESCAP|access-date=24 November 2014}}</ref>

===Asia-Pacific Economic Cooperation===
The [[Asia-Pacific Economic Cooperation]] (APEC) is a group of [[Pacific Rim]] countries who meet with the purpose of improving economic and political ties. Although the initial intention was to create a free trade area covering all membership (which includes China, the United States and Australia, among others) this has failed to materialize.<ref>{{cite web|title=About APEC|url=http://www.apec.org/About-Us/About-APEC.aspx|website=Asia-Pacific Economic Cooperation|access-date=24 November 2014}}</ref> In 2014, APEC members committed to taking a concrete step towards greater regional economic integration by endorsing a roadmap for the Free Trade Area of the Asia-Pacific (FTAAP) to translate this vision into a reality.  As a first step, APEC is implementing a strategic study on issues related to the realization of a Free Trade Area of the Asia-Pacific. The study will provide an analysis of potential economic and social benefits and costs, analyze the various pathways towards a Free Trade Area and identify challenges economies may face in realizing this goal.<ref>{{cite web | url=http://www.apec.org/about-us/about-apec/fact-sheets/regional-economic-integration-agenda.aspx | title=Regional Economic Integration Agenda}}</ref>

===Gulf Cooperation Council===
The [[Gulf Cooperation Council]] (GCC), is a regional intergovernmental political and economic union founded in 1981.<ref>{{cite web|title=Objectives|url=http://www.gcc-sg.org/en-us/AboutGCC/Pages/StartingPointsAndGoals.aspx|website=GCC-SG}}</ref> The current member states of GCC are [[Bahrain]], [[Kuwait]], [[Oman]], [[Qatar]], [[Saudi Arabia]], and the [[United Arab Emirates]].<ref>{{cite web|title=GCC-Member-States|url=http://www.gcc-sg.org/en-us/AboutGCC/MemberStates|website=GCC-SG}}</ref>

===Closer Economic Partnership Arrangement===
The [[Mainland and Hong Kong Closer Economic Partnership Arrangement|Closer Economic Partnership Arrangement]] (CEPA) is an economic agreement between the People's Republic of China, the Hong Kong SAR government (signed on 29 June 2003), and the [[Macau]] SAR government (signed on 18 October 2003), in order to promote trade and investment facilitation.

The main aims of CEPA are to eliminate tariffs and non-tariff barrier on substantially all the trade in goods between the three, and achieve liberalization of trade in services through reduction or elimination of substantially all discriminatory measures.<ref>{{cite web|title=Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)|url=http://www.tid.gov.hk/english/cepa/cepa_overview.html|website=Trade and Industry Department|access-date=25 November 2014}}</ref>

===Arab League===
The [[Arab League]] is an association of [[Arab]] countries in Africa and Asia. The [[Arab League]] facilitates political, economic, cultural, scientific and social programs designed to promote the interests of its member states.<ref>{{cite web|title=Presentation of the Arab League|url=http://www.arableagueonline.org/|website=Arab League Online|access-date=2014-11-25|archive-date=2016-10-13|archive-url=https://web.archive.org/web/20161013055010/http://www.arableagueonline.org/|url-status=dead}}</ref>

===Commonwealth of Independent States===
[[File:Flag of the CIS.svg|thumb|right|220x220px|Flag of the Commonwealth of Independent States]]
The [[Commonwealth of Independent States]] (CIS) is a confederation consisting of 12 of the 15 states of the former Soviet Union, both Asian and European (the exceptions being the three [[Baltic states]]).<ref>{{cite web|title=About Commonwealth of Independent States|url=http://www.cisstat.com/eng/cis.htm|publisher=Interstate Statistical Committee of the Commonwealth of Independent States}}</ref> Although the CIS has few supranational powers, it is more than a purely symbolic organization and possesses coordinating powers in the realm of trade, finance, lawmaking and security. The most significant issue for the CIS is the establishment of a full-fledged free trade zone / economic union between the member states, to be launched in 2005. It has also promoted cooperation on democratisation and cross-border crime prevention.

===South Asian Association for Regional Cooperation===
{{See also|Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation}}[[File:The Prime Minister Shri Atal Bihari Vajpayee and the other Heads of Governments of SAARC Countries at the 12th South Asian Association for Regional Cooperation (SAARC) Summit in Islamabad, Pakistan on January 4, 2004.jpg|alt=|thumb|The Heads of Governments of SAARC Countries at the 12th South Asian Association for Regional Cooperation (SAARC) Summit in Islamabad, Pakistan on January 4, 2004]]
The [[South Asian Association for Regional Cooperation]] (SAARC) is an association of eight countries of South Asia, namely [[Afghanistan]], [[Bangladesh]], [[Bhutan]], [[India]], [[Maldives]], [[Nepal]], [[Pakistan]] and, [[Sri Lanka]].<ref>{{cite web|title=South Asian Association for Regional Cooperation|url=http://www.saarc-sec.org/SAARC-Charter/5/|website=South Asian Association for Regional Cooperation|access-date=2014-11-25|archive-date=2016-10-27|archive-url=https://web.archive.org/web/20161027045633/http://saarc-sec.org/SAARC-Charter/5/|url-status=dead}}</ref> These countries comprise an area of 5,130,746&nbsp;km<sup>2</sup> and a quarter of the world population.
SAARC encourages cooperation in agriculture, rural development, science and technology, culture, health, population control, narcotics control and anti-terrorism.
Also, a FTA called [[South Asia Free Trade Agreement]] was reached at the 12th [[South Asian Association for Regional Cooperation]] summit. It created a framework for the creation of a [[free trade]] zone covering 2 billion people of member states.<ref>{{cite web|title=AGREEMENT ON SOUTH ASIAN FREE TRADE AREA (SAFTA)|url=http://www.saarc-sec.org/userfiles/saftaagreement.pdf|website=Asia Regional Integration Center|access-date=2014-11-25|archive-date=2016-07-22|archive-url=https://web.archive.org/web/20160722064859/http://www.saarc-sec.org/userfiles/saftaagreement.pdf|url-status=dead}}</ref>

==Economic sectors==

===Primary sector===
Asia is by a considerable margin the largest continent in the world, and is rich in natural resources. The vast expanse of the former [[Soviet Union]], particularly that of [[Russia]], contains a huge variety of metals, such as [[gold]], [[iron]], [[lead]], [[titanium]], [[uranium]], and [[zinc]].<ref>{{cite web|title=Mining in Russia and CIS|url=http://www.infomine.com/countries/soir/russia/|website=CountryMine|access-date=25 November 2014|date=2010-10-19}}</ref> These metals are mined, but inefficiently due to the control of a few state-sponsored giants that make participation difficult for many international mining companies.<ref>{{cite web|last1=Kuepper|first1=Justin|title=A Deeper Look At Russia's Commodity Industry|url=http://commodityhq.com/2013/a-deeper-look-at-russias-commodity-industry/|website=Commodity HQ|access-date=25 November 2014|date=15 March 2013}}</ref> Nevertheless, profits are high due to a [[2000s commodities boom|commodity price boom]] in 2003/2004 caused largely by increased demand in China.<ref>{{cite journal|last1=Gallagher|first1=Kevin|last2=Porzecanski|first2=Roberto|title=China and the Latin America Commodities Boom: A Critical Assessment|journal=Political Economy Research Institute|date=February 2009|issue=129|pages=1–27|url=http://www.ase.tufts.edu/gdae/pubs/rp/perikgrp.pdf|access-date=25 November 2014|archive-date=4 August 2014|archive-url=https://web.archive.org/web/20140804171730/http://www.ase.tufts.edu/gdae/pubs/rp/perikgrp.pdf|url-status=dead}}</ref> Oil is Southwest Asia's most important natural resource. Saudi Arabia, Iraq, and Kuwait are rich in oil reserves and have benefited from recent oil price escalations.<ref>{{cite web|url=http://www.eia.gov/countries/index.cfm?view=reserves|website=U.S. Energy Information Administration|access-date=25 November 2014|title=International - U.S. Energy Information Administration (EIA)}}</ref>

[[File:Terrace field yunnan china denoised.jpg|thumb|[[Terrace (agriculture)|Terraced]] [[Paddy field]] in [[Yunnan]], [[China]] ]]

Asia is home to almost five billion people, and thus has a well established tradition in agriculture.  High productivity in agriculture, especially of [[rice]], allows high population density of many countries such as Bangladesh, Pakistan, southern China, Cambodia, India, and Vietnam.  Agriculture constitutes a high portion of land usage in warm and humid areas of Asia.

Many hillsides are farmed in a ''terrace'' method to boost arable land.<ref>{{cite web|title=Terrace Cultivation|url=http://www.britannica.com/EBchecked/topic/588178/terrace-cultivation|website=Encyclopædia Britannica|access-date=24 November 2014}}</ref> The main agricultural products in Asia include [[rice]] and [[wheat]].<ref>{{cite web|title=Asia: Agriculture|url=http://www.britannica.com/EBchecked/topic/38479/Asia/48226/Agriculture|website=Encyclopædia Britannica|access-date=24 November 2014}}</ref> [[Opium]] is one of major cash crops in Central and Southeast Asia, particularly in Afghanistan, though its production is prohibited everywhere.<ref>{{cite web|title=Drug Trafficking|url=https://www.unodc.org/unodc/en/drug-trafficking/central-asia.html|website=United Nations Office on Drugs and Crime|access-date=24 November 2014}}</ref> Forestry is extensive throughout Asia, with many of the items of furniture sold in the developed nations made out of Asian timber. More than half of the forested land in Asia is in China, Indonesia, and Malaysia. China is considered a top exporter of wood products like paper and wood furniture while tropical timbers are a top export in Malaysia and Indonesia. Fishing is a major source of food, particularly in Japan and China. In Japan larger, high-quality fish are common while in China, smaller fish are being consumed at a higher rate. As the middle-class population in Southeast Asia expands, there is an increase of more expensive meats and foods becoming a part of the traditional diet.<ref>{{cite web|title=Asia: Resources Environment and Economy|url=http://education.nationalgeographic.com/education/encyclopedia/asia-resources/?ar_a=1|archive-url=https://web.archive.org/web/20130208013543/http://education.nationalgeographic.com/education/encyclopedia/asia-resources/?ar_a=1|url-status=dead|archive-date=8 February 2013|website=National Geographic|access-date=24 November 2014|date=2012-01-04}}</ref>

===Secondary sector===
The manufacturing sector in Asia has traditionally been strongest in the East Asia region—particularly in China, Japan, South Korea, Singapore, and Taiwan.<ref name="gaatw.org">{{cite journal|last1=Pattanaik|first1=Bandana|last2=Dewar|first2=Fleur|last3=Ham|first3=Julie|last4=Bake-Paterson|first4=Zoë|title=Asia: The Changing Context of Trafficking and Migration|journal=Alliance News|date=December 2009|issue=32|page=6|url=http://www.gaatw.org/publications/Alliance%20News/2009/Alliance_News_Dec09.pdf|access-date=25 November 2014}}</ref> The industry varies from manufacturing cheap low value goods such as [[toy]]s to high-tech value added goods such as [[computer]]s, [[CD player]]s, [[games console]]s, [[mobile phone]]s and [[automobile|cars]]. Major Asian manufacturing companies are mostly based in either Japan or South Korea. They include [[Sony]], [[Toyota]], [[Toshiba]], and [[Honda]] from Japan, and [[Samsung]], [[Hyundai Group|Hyundai]], [[LG Corporation|LG]], and [[Kia Motors|Kia]] from South Korea.<ref>{{cite news|last1=Brown|first1=Kevin|title=Asian Companies Need a Brand New Start|url=http://www.ft.com/intl/cms/s/0/45fc6fca-c591-11df-ab48-00144feab49a.html?siteedition=uk#axzz3K6VJw4pY|access-date=25 November 2014|newspaper=Financial Times}}</ref>

Many developed-nation firms from Europe, North America, Japan and South Korea have significant operations in developing Asia to take advantage of the abundant supply of cheap labor. One of the major employers in manufacturing in Asia is the [[textile]] industry. Much of the world's supply of clothing and footwear now originates in Southeast Asia and South Asia, particularly in Vietnam, China, India, Thailand, Bangladesh, Pakistan, and Indonesia.<ref name="gaatw.org"/>

===Tertiary sector===
[[File:Tidel Park.jpg|thumb|250px|A view of the [[Tidel Park]] in [[Chennai]], [[India]]. Software industries of late, have been outsourced to Asian cities as such for good infrastructure, efficient man-power and cheap labour.]]

Asia's top ten important financial centers are located in [[Hong Kong]], [[Singapore]], [[Tokyo]], [[Shanghai]], [[Beijing]], [[Dubai]], [[Shenzhen]], [[Osaka]], [[Seoul]] and [[Mumbai]].<ref name=GFCI>{{cite web|url=http://www.longfinance.net/images/gfci/gfci_22.pdf|title=The Global Financial Centres Index 22|date=September 2017|publisher=Long Finance}}</ref> India has been one of the greatest beneficiaries of the economic boom. The country has emerged as one of the world's largest exporters of software and other information technology related services.<ref>{{cite web|last1=Stough|first1=Roger|last2=Thatchenkery|first2=Tojo|title=India's Transformation: ICT and Economic Development|url=http://www.globality-gmu.net/archives/1226|website=Global Studies Review|access-date=28 November 2014|archive-date=29 December 2016|archive-url=https://web.archive.org/web/20161229033429/http://www.globality-gmu.net/archives/1226|url-status=dead}}</ref> World class Indian software giants such as [[Infosys]], [[Hindustan Computers Limited|HCL]], [[Mphasis]], [[Mindtree]], [[Larsen & Toubro Infotech]], [[Wipro]], [[Rolta]], [[Mahindra Satyam]] and [[Tata Consultancy Services]] have emerged as the world's most sought after service providers.<ref>{{cite news|title=Top 10 software companies in India|url=http://www.rediff.com/money/2008/jul/17sd1.htm|access-date=28 November 2014|publisher=Rediff News}}</ref><ref>{{cite web|last1=Kapur|first1=Lalit|title=What Makes India The Most Sought-After Destination For Offshore Software Development Services?|url=http://mag-corp.com/blog/what-makes-india-the-most-sought-after-destination-for-offshore-software-development-services/|website=MAG Studios Blog|access-date=28 November 2014|archive-date=4 December 2014|archive-url=https://web.archive.org/web/20141204103614/http://mag-corp.com/blog/what-makes-india-the-most-sought-after-destination-for-offshore-software-development-services/|url-status=dead}}</ref>

Call centers are also becoming major employers in the Philippines due to the availability of many English speakers, and being a former American colony familiar with the American culture.<ref>{{cite news|last1=Winn|first1=Patrick|title=How the Philippines is crushing the Indian call center business|url=http://www.globalpost.com/dispatch/news/regions/asia-pacific/india/140430/how-the-philippines-crushing-the-indian-call-center-|access-date=28 November 2014|work=Global Post|date=4 May 2014}}</ref> Huge corporations from English speaking countries like USA, Canada, Australia and even UK invest in the Philippines because they pay for the employees and companys' miscellaneous costs are cheaper in the Philippines. According to CNBC International news last 2014, Philippines became the BPO Capital with an estimated 15.5 billion US dollars of revenue creating more than 900,000 jobs for Filipinos.

On the other hand, there are also potential huge holes for BPO business. The increase of numbers of international banks major huge corporations are trying to cut their annual company expense by changing BPO to AI (Artificial Intelligence). If the Philippine government will not think new competitive ideas to maintain the BPO business in the country, the country will lose a billion dollars of revenue by the next 10 years (according to ABS-CBN business news channel).{{citation needed|date=March 2020}}

The rise of the Business Process [[Outsourcing]] (BPO) industry has seen the rise of India and China as the other financial centers. Experts believe that the current center of financial activity is moving toward "[[Chindia]]" – a name used for jointly referring to China and India – with [[Shanghai]] and [[Mumbai]] becoming major financial hubs in their own right.

Other growing technological and financial hubs include [[Dhaka]] (Bangladesh), [[Chittagong]] (Bangladesh), [[Karachi]] (Pakistan), [[Chennai]] (India), [[New Delhi]] (India), [[Pune]] (India), [[Bangalore]] (India), [[Hyderabad, Andhra Pradesh|Hyderabad]] (India), [[Shenzhen]] (China), [[Kolkata]] (India), [[Jakarta]] (Indonesia), [[Kuala Lumpur]] (Malaysia), [[Lahore]] (Pakistan), [[Metro Manila]] (Philippines), [[Cebu City|Cebu]] (Philippines) [[Iloilo City]] (Philippines), [[Santa Rosa City|Santa Rosa]] (Philippines), [[Angeles City]] (Philippines), [[Naga City, Camarines Sur|Naga]] (Philippines), [[Davao City]] (Philippines, [[Calabanga]] (Philippines), [[Bangkok]] (Thailand) and [[Ho Chi Minh City]] (Vietnam).

==See also==
{{Portal|Business and economics|Asia}}
;Overview
* [[Asia]]
* [[History of Asia]]
* [[Geography of Asia]]
* [[Commonwealth of Independent States]]
* [[World economy]]
* [[1997 Asian financial crisis]]
* [[Economy of East Asia]]
* [https://www.adb.org/publications/series/key-indicators-for-asia-and-the-pacific Key Indicators for Asia and the Pacific]
* [[List of Asian states by GDP growth]]

;GDP
* [[List of countries in Asia-Pacific by GDP (nominal)|List of Asian and Pacific countries by GDP (nominal)]]
* [[List of Asian and Pacific countries by GDP (PPP)]]
* [[List of Asian countries by GDP]]
* [[List of Asian countries by GDP per capita]]
* [[List of Asian and Pacific countries by GDP (PPP)]]
* [[List of Southeast Asian Nations by GDP]]

== Notes ==
{{notelist}}

== References ==
{{reflist|30em}}

{{Asia topics}}
{{Asia topic|Economy of}}
{{Economy of Europe}}
{{South America in topic|Economy of}}
{{North America topic |Economy of}}

{{DEFAULTSORT:Economy Of Asia}}
[[Category:Economy of Asia| ]]
[[Category:Economies by continent|Asia]]
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