Asian Economy


The Economy of Asia comprises more than 4.4 billion people (60% of the world population) living in 49 different Countries. Asia is the fastest growing economic region and the largest continental economy by GDP PPP in the world. China and India are currently the first and third largest economies in the world, respectively. Moreover, Asia is the site of some of the world's longest modern economic booms.

In 2013, in a once-in-a-decade party leadership reshuffle in China 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.While global economic powers China, Japan, India, and South Korea 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.

According to the World Bank, China surpassed the United States and the European Union to become the world's largest economy by early 2015, followed by India. Both countries are expected to rank in the same positions between 2020 and 2040. Moreover, for the first time in 2012 Asia surpassed North America in amount of billionaires. More than 40 percent or 608 billionaires came from Asia, where as North America had 440 billionaires and Europe with 324 billionaires

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