the largest and most populous continent
ASIA
Asia is the largest continent in the world by a considerable margin, and it is rich in natural resources, such as petroleum, forests, fish, water, rice, copper and silver.
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Asia is Earth’s largest and most populous continent, located primarily in the Eastern and Northern Hemispheres. It shares the continental landmass of Eurasia with the continent of Europe and the continental landmass of Afro-Eurasia with both Europe and Africa. Asia covers an area of 44,579,000 square kilometres (17,212,000 sq mi), about 30% of Earth’s total land area and 8.7% of the Earth’s total surface area.
The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Asia is notable for not only its overall large size and population, but also dense and large settlements, as well as vast barely populated regions. Its 4.5 billion people (as of June 2019) constitute roughly 60% of the world’s population.
Asia has the largest continental economy by both GDP Nominal and PPP in the world, and is the fastest growing economic region. As of 2018, the largest economies in Asia are China, Japan, India, South Korea, Indonesia and Turkey based on GDP in both nominal and PPP. Based on Global Office Locations 2011, Asia dominated the office locations with 4 of the top 5 being in Asia: Hong Kong, Singapore, Tokyo and Seoul. Around 68 percent of international firms have office in Hong Kong.
In the late 1990s and early 2000s, the economies of China and India have been growing rapidly, both with an average annual growth rate of more than 8%. Other recent very-high-growth nations in Asia include Israel, Malaysia, Indonesia, Bangladesh, Thailand, Vietnam, and the Philippines, and mineral-rich nations such as Kazakhstan, Turkmenistan, Iran, Brunei, the United Arab Emirates, Qatar, Kuwait, Saudi Arabia, Bahrain and Oman.
China
Since China began to open up and reform its economy in 1978, GDP growth has averaged almost 10 percent a year.
China’s high growth based on resource-intensive manufacturing, exports, and low-paid labor has largely reached its limits and has led to economic, social, and environmental imbalances. Reducing these imbalances requires shifts in the structure of the economy from low-end manufacturing to higher-end manufacturing and services, and from investment to consumption.
Singapore
Singapore is a high-income economy with a gross national income of US$54,530 per capita, as of 2017. The country provides one of the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies.
In the decades after independence, Singapore rapidly developed from a low-income country to a high-income country. GDP growth in the city-state has been amongst the world’s highest, at an average of 7.7% since independence and topping 9.2% in the first 25 years.
Economy of Asia
Total wealth is mainly concentrated in East Asia, India and Southeast Asia, while if measured by GDP per capita; is mostly concentrated in the East Asia in Japan, South Korea, Taiwan, Hong Kong, Macau, Singapore, and Brunei, as well as in oil rich countries in West Asia such as Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman. 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 . China (manufacturing and FDI-led growth) and India (commodities, outsourcing destination and computer software) are the two fastest growing major economies in the world.
2020-present
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
Future
Moreover, based on Hurun Report, for the first time in 2012 Asia surpassed North America in amount of billionaires. More than 40 percent or 608 billionaires came from Asia.
Economic development
Wealth
The economy of Asia comprises more than 4.5 billion people (60% of the world population) living in 49 different nations.
