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Economic Growth and Development PDF

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Added on  2020-12-09

Economic Growth and Development PDF

   Added on 2020-12-09

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Is the 21st century going to bethe “Asian century”?
Economic Growth and Development PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................1Main Body..............................................................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
Economic Growth and Development PDF_2
INTRODUCTIONWith increase in globalisation and rise in cross country business relations, many countrieshave evolved as major economies in world. Especially, Asian countries are now emerging aseffective and big competition to or western nations. The Asian countries are now in race of thefastest growing economies with few of them having the highest GDP's. Those days are not farwhen Asian nations will lead economic growth of world (McMurray, 2015). Now, it's situationthat decision taken in Asian countries will impact economic diversity and development of world.The good handling of the business operations and rise in the operational capability of theorganisation helps in the claiming of Asia's position on the good handling of the businessprocessing on the global level. Other than this, Asia bis one of the biggest group of economies inthe world that has lead to the rise in operational capability and handling of the business operations by the nations in a very effective way.Main BodyAsia, being the largest continent is group of many fast growing nations which areinfluencing growth in trade and business all over world. Asian countries are offering vibrancy topeople of west that have attracted westerners to a high extent. Asia is most diversified andculturally rich continent, enabling rise in tourism of countries. Two of major Asian nations,China and India, have the largest population in world, with the fastest growing GDP andeconomy. It makes these nations an ideal destination to invest due to low labour cost andnumerous manpower. As per reports from experts, these two countries will lead global businessscenarios to a wider extent and will give a tough fight to Western dominance in economy(Estevadeordal and Goodman, 2017).Since 2011, i.e. post-recession period, Asian economies have been increased to a widerextent and thus, seen a tremendous growth and development in world. The economic stability,rise in working power, adoption and innovation of many technologies and increase in diplomaticrelations with each or have helped Asian nations to dominate economic growth in a new manner.Also, introduction of start-up culture and rise in effectiveness of economies of these nations havecreated a better option for investors as compared to Their western counterparts. Or than this, risein financial stability and purchasing power have created a big consumer base for companies ofWestern countries (Goodman and Estevadeordal, 2017.). 1
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