Assessing the Potential: The 21st Century and the Asian Economy

This essay examines the proposition of the 21st century being the 'Asian century,' analyzing the economic growth and global impact of Asian nations. It highlights the increasing influence of countries like China and India, emphasizing their rapid GDP growth, large populations, and attractiveness for investment due to lower labor costs. The essay discusses factors such as the rise in economic stability, technological innovation, and diplomatic relations that have fueled Asia's economic dominance. It also explores the roles of organizations like ASEAN and SAARC in fostering trade and collaboration. The challenges to this growth, including terrorism, corruption, and trade restrictions, are also considered. The conclusion suggests that Asia possesses the potential to lead the world in economic growth, but must address internal challenges to fully realize this potential.

Is the 21st century going to be
the “Asian century”?

Table of Contents
INTRODUCTION...........................................................................................................................1
Main Body..............................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
With increase in globalisation and rise in cross country business relations, many countries
have evolved as major economies in world. Especially, Asian countries are now emerging as
effective and big competition to or western nations. The Asian countries are now in race of the
fastest growing economies with few of them having the highest GDP's. Those days are not far
when Asian nations will lead economic growth of world (McMurray, 2015). Now, it's situation
that 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 the
organisation helps in the claiming of Asia's position on the good handling of the business
processing on the global level. Other than this, Asia bis one of the biggest group of economies in
the world that has lead to the rise in operational capability and handling of the business operation
s by the nations in a very effective way.
Main Body
Asia, being the largest continent is group of many fast growing nations which are
influencing growth in trade and business all over world. Asian countries are offering vibrancy to
people of west that have attracted westerners to a high extent. Asia is most diversified and
culturally 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 and
economy. It makes these nations an ideal destination to invest due to low labour cost and
numerous manpower. As per reports from experts, these two countries will lead global business
scenarios 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 wider
extent 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 diplomatic
relations 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 have
created a better option for investors as compared to Their western counterparts. Or than this, rise
in financial stability and purchasing power have created a big consumer base for companies of
Western countries (Goodman and Estevadeordal, 2017.).
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Apart from this, many major countries of Asia like India, China and Japan are offering
services like medical facility and education in a comparatively low cost in form of medical and
educational tourism. This have helped in effective rise in operational capability and meeting of
targeted aims and objectives of nation. This have helped organisation to handle operations of
Western countries to a larger extent and thus will help in effective growth in functionality and
gaining an economic stability in international market. Or than this, many Asian countries are
giving customers an opportunity of natural and spiritual exploration which has improved
performance and image of These nations in a new colour. The organisations like ASEAN and
SAARC have played a crucial role in development of these images. These organisations helped
countries to come closer and together, develop diplomatic relations and facilitate international
trade among Themselves. Besides this, many countries like China, India, Japan, etc. are part of
UN council and or international summits like G- 20, BRICS, etc. this has helped in the rise in
interpersonal collaboration between various countries and help them to gain a good market share
on the global level (Haque, 2018).
The first and primary reason behind it is Demographic and geological condition and
position of Asia helps its countries to facilitate trade through international borders with ease. The
Indo Pacific sea route is one of the best naval paths to transport goods and services without much
restriction and risks. Besides this, countries in South Asian region provide enough and adequate
environment to set up and develop business and get work force at commendable and reasonable
rates. Also, trade regulations are not so strict which make setting up of a business quite easy in
Asia. Apart from this, improvement in trade policies and governmental support has improved
chances of investment in these countries. Or than this, countries like India and China have the
highest military budgets in world which makes m one of the largest importers of arms and or
defence services (Estevadeordal and Goodman, 2017).
Secondly, among different Asian countries, nations like India and China have seen most
tremendous growth and development as compared to ors. The major reason behind it is
successful governmental policies, diplomatic relations and high ease of performing business that
have helped in better rise in setting up of business operations that will support a increase in
operational capability and meeting aims and objectives of investors firm. While, China has
emerged as leading manufacturing destination for investors with cheap labour, adaptability of the
latest technologies and supportive trade policies. India, being second most populous country of
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world, has evolved as world’s largest IT outsourcing nation with the largest number of engineers
and IT professionals in world (McMurray, 2015).
As per reports from global economic analysts, India, in coming years will be leading
nation in providing and developing of IT related services. Besides this, it nation also has one of
the cheapest medical services around world. This makes India as one of ideal countries to get
medical services with highly quality health professionals. In recent year, political and diplomatic
image of India has been improved on global platform and thus this has helped in better rise in
operations and meeting of targeted operations and handling of policies. It had also helped in
good rise in operations and thus will help in suitable rise in businesses within company. Unlike
China, India is among few Asian countries, who have supported FDI and thus has gained good
Investments from Western enterprises. This had led to rise in economic growth of nation by
improving foreign investment within country. Or than this, simplification of trade policies and
good relations with neighbouring countries have provided India and or Asian countries with an
opportunity of better growth and development (Haque, 2018).
Other than this, many other smaller countries like Malaysia, Indonesia, Singapore,
Taiwan, Korea and Sri Lanka has emerged as the major tourist and shopping destinations that has
attracted the tourist all around the globe. This has been the major source of the economic growth
and development of these countries that have laid in the better rise in the operational capability
and meeting of the targeted operations that have been the big advantage for these countries. The
population and adaptability of the people in Asian countries make them the ideal location for the
investment and implementation of new practices and technologies. Other than this, the
hospitality culture of the countries in Asia is well reputed all over the world. This has been the
core motivator for many Western hospitality enterprises to invest in the Asian countries like
India, China and other South east Asian countries.
Third factor is the economic viability of the Asia. As per an estimate, the gross GDP or
ASEAN and BRICS nation will be all over up to $3.9 trillion by year 2020. Also, 9 out of 11
fastest growing nations in the world are from Asian continent, making the claim of Asian century
more strong and firm. The economic environment, change in leaderships to a positive level and
increase in cultural, political, business and diplomatic ties between the various nations has united
these countries to come up together to change the phase of global economic scenario. Also, the
rise in young population in the countries like India, China and other South east countries have
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been the major advantage for the Asian economy to flourish and develop with effective number
of growth factors (Huang, 2018.). Apart from it, the improvement of many nations on Trade
confidence index (TCI) has been the major advantage for the countries to be highly prioritized by
the Western investors. The global trust level and effectiveness or ease to do business policy by
many countries and drafting of cross developmental treaties among the different neighbouring
countries in Asia has been the biggest factor that makes it a good option to lead the era of
economic development in coming years.
However, there are certain challenges and disruptions which can impact the growth and
development of the Asia as the market leader nation (Wojcik, 2018). The presence of high
concentration of terrorism in the South western region of Pakistan and Afghanistan, high rate of
corruption in governmental system and lack of proper amenities and infrastructure has been the
major inhibiting factor for the growth and development of the Asia as the market leader. Also,
the strictness and restriction over the free trade in countries like China is been the major reason
that has stopped the proper development of Asian countries as economic growth generators.
Also, the domination of China over its neighbouring countries to expand its territory is been the
major threat factor for many economies. The political instability and non supportive
governmental policies of many Asian nations is been the major factor that has impacted the
growth and development of the Asia as a market leader (Huang, 2017). Also, the educational
policies and the criteria that are been followed by many countries is quite restrictive that has
caused the slowing down of the pace of many economies. The rise in the middle income
population and the need for development of the high quality infrastructure is very necessary for
the good rise in the operational and economic growth of a country in Asia.
CONCLUSION
Thus, it can be said that Asia possess all the potential to be the major market leader and
lead the world to a century of better economic growth and development. It consists of many large
and developing economies which will be the highest and most influential nation of the world.
The effective rise in the effectiveness to carry out various business policies and other essential
factors will help Asia to claim its positions world market leader. Although the continent as a
group of nation has to see through the better handling of the operations that will help in superior
rise in interest of Western countries in development of countries. The nations are in need to
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manage and handle these factors which are required to get mitigated for the better growth of Asia
and its countries to be a good market leader.
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REFERENCES
Books and Journals
Estevadeordal, A. and Goodman, L.W., 2017. 1 21st-century cooperation, regional public goods,
and sustainable development. 21st Century Cooperation: Regional Public Goods, Global
Governance, and Sustainable Development, p.3.
Goodman, L.W. and Estevadeordal, A., 2017. 21st-century cooperation, regional public goods,
and sustainable development. In 21st Century Cooperation (pp. 29-39). Routledge.
Haque, M.S., 2018. Rethinking Public Governance in the Asian Century: Grand Discourse Vs.
Actual Reality. In Public Policy in the'Asian Century' (pp. 41-63). Palgrave Macmillan,
London.
Huang, G., 2017. The end of the Asian century by Michael R. Auslin. Business Economics, pp.1-
2.
Huang, G., 2018. The end of the Asian century by Michael R. Auslin. Business
Economics, 53(1), pp.48-50.
McMurray, D., 2015. The rise of the digital supply chain. MHD Supply Chain Solutions, 45(3),
p.20.
Wojcik, D., 2018. The New Oxford Handbook of Economic Geography. Oxford University Press.
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