Asia's Economic Growth and Implications for Australia's Economy

This essay examines the significant economic relationship between Asia and Australia, focusing on the implications of Asia's growth on the Australian economy. It explores Asia's historical context, diverse cultures, and substantial economic influence. The essay analyzes the historical trade relati...Read More

Running head: ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
Asia and the implications of the same in Australia
Name of the student
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1ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
The essay includes a vivid description of the Asian continent. It includes the
implication of the same on Australia. Asia is one of the biggest continents. It had a huge
implication on other countries. The objective of the essay is to analyze the implication of the
continent of Asia on Australia. The export of the materials has always remained an important
aspect of Australia. The relationship between Asia and Australia had been of export and
import. The essay focuses on the growth of Asia and the implications of the growth of the
continent in Australia.
As a continent Asia is huge. It is known as the largest continents on Earth. It is highly
populated and it is having a huge population. The continent witnessed much early civilization
that was notably the first civilization. It was the birthplace of many great personalities. This
continent saw the upcoming of many religions like Christianity, Sikhism, Hinduism,
Buddhism, Islam and, many other religions. The continent has many countries China, India,
Pakistan, Sri Lanka, Bangladesh, UAE, Japan, Singapore, Malaysia, Thailand and many other
countries. It shares the borders with many other continents like Europe. Campbell et al.
(2013) stated that the Asian countries are rich in culture and it has high traditions. In the
historical period, the continent witnessed the evolution of many traditions and culture. Asia
has extremely diverse climate and the geographical feature of the continent is huge. It has
remarkable geographical features like the mountains and the waterways. There is climatic
variation in the continent. Asia is just not a continent. It consists of a variety of lifestyle and
variety of people. This is the reason tourism has remained as one of the most attractive
aspects in this continent. The continent is full of different culture. It has business relations
with many countries. The culture of this continent is known in the entire world. The continent
does business in almost all the continents. It does business with countries like United
Kingdom, United States, Africa, Finland, Sweden and other countries as well in other
continents. Asia is the largest continent in the field of nominal GDP. It is the largest in the
field of the economy a well.
In my opinion, one of the unique features of the continent is the fact that it had been
the site of many of the early civilizations. The effectiveness of this can be relevant in the
present as it is seen that the continent is vastly populated that covers up to 60% of the world
population. Currently, India and China are the two most populated countries in the Asian
continent. Lai, Brimblecombe and Lee (2017) observed that the cultural artifact of the
continent mostly consists of European culture. The cultural architecture is seen to be
consistent with the cultural aspects of some of the European countries. I think that this may

2ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
be due to the fact that most of the countries in Asia were colonized by the European
countries. Historically speaking, the name of the continent is derived from the concept of
Greek civilization. The languages developed in the various countries of the continent are
from an unknown origin. In my knowledge the name was first coined by a classical writer
name Pliny. The change in the meaning of a continent unknown to proper human civilization
is common given the fact that other geographical names have changed over the time. I feel
that the continent is also known for its rich history and the fact that most of the cultures in
Asia were formed from the existence of early civilization in the continent.
As stated by Safonova and Santosh (2014) the early civilizations that settled in the
continent were responsible for bringing about some of the modern day techniques and
approaches that are used. Civilizations such as the Indus Valley civilization, Mesopotamia
and the Yellow River were formed in the river banks that helped in the enrichment of fertile
soils in the continent. I believe that the civilizations have been engaged in developing
technologies that were required in order to maintain the civilization. Innovative ideas such as
the development of wheel, coins, and mathematics for calculation came into existence due to
the discovery made in these civilizations. I have observed that in the modern world, these
innovative techniques of the Easter years have evolved and have been the cause of the vast
growth of the continent. Apart from this Wilde (2015) pointed out the fact that the discovery
of gunpowder in medieval China also led to the manufacturing of guns in the world. Thus,
throughout early civilization, Asia has engaged in trade activities between countries. This is
another factor that has existed in the modern world and is currently one of the leading the
continents that engage in trading activities in the world.
Liu et al. (2017) stated that throughout ancient times, Asia maintained commercial
relations with the countries in the continent as well as with other continents. The policy and
technique of trade were different with the application of barter system being used in the case
of long-distance trade activities. The continent was rich in silk, gold and other jewels that
increased the interests of some of the countries. The trade relations existed between Europe
and Asia. I have investigated that such trade relations lead to the advent of colonization of
some of the countries during the early 17th century. During the early 15th century, countries
like Spain and Portugal developed sea routes to visit the continent. During the late 19th
century and early 20th century, Japan developed into a country with major military and naval
powers. This also led to the development of trade between Japan and other counties (Babbar
et al. 2017). In the modern day, the continent can establish trade relation with continents all

3ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
around the world because of the advancement in technology. One of the countries that have
established strong trade relations with some of the countries in Asia includes Australia.
During the early civilization or during the early years of British rule, Australia was an
unknown country situated in the southern hemisphere of the globe. In my opinion, due to this
trade relations with the country were not possible due to the difference in the stature of the
two countries. Apart from this, the colonization of the British made it difficult for the
continent to carry on trade relations with each other. Despite this, there has been evidence of
trade with Australia during the British rule.
The geographical border between Asia and Australia exists in the Archipelago region
situated in Malay. The Maluku Islands located in Indonesia are associated as the border
between Asia and Australia. The major trade relations with Australia are associated with
China and Japan. The development of trade relations with the countries resulted in the strong
economic growth of the country. This led to benefits between the Asian continents as well as
Australia. According to Reisinger et al. (2014), the main benefits that Australia gained are the
establishment of proper infrastructure in the country. I agree with the view as the economic
growth helped Australia to develop imports and exports materials and continue proper trade.
In this regard, a brief history of Australia can be explored.
Australia is considered to be the largest island country in the world. It was an
unknown country for over 50,000 years with the habitats being indigenous people. These
people spoke different languages and indulged in a violent lifestyle. Advancement in the
country began after the invasion of the European countries. The colonization of the country
grew and the country came into the world map during the 1850s. The collaborated effort of
the nations colonizing Australia gave rise to the Commonwealth of Australia. Wilson (2015)
stated that currently, Australia has the world’s 13th largest economy and ninth highest per
capita income. I have also observed that Australia establishes business relations with
neighboring county New Zealand in order to maintain the economy of the land. Outside the
Oceania, the country has strong trade relations with other countries in the Asian subcontinent.
It is because of the trade relations with Asia, the economy of Australia have grown
significantly in the modern world (Wilson 2017).
There has been a special connection between Asia and Australia. The shift of
economic weight to Asia has been an important aspect. There are special reasons for this.
While going back to the past years the countries of the East Asia I had found that the

4ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
countries have accounted around 7 percent of global GDP at the exchange rates in the market.
Asia has an average of seven percent a year growth in the economic ground (Qiu 2016). The
impact of Asia on Australia has been focused on the four areas. It consists of the remarkable
changes in the structure of the international trade; it further includes the changes in the price
at which the Australian market is able to sell their exports and the level of investment and
also a major change in the rate of population growth (Kawasaki 2015).
Trade relations between Australia and Asia developed during the ancient times.
Wesley (2015) claimed that the trade relations between Asia and Australia began from the
early 16th century with the advent of Indonesian and Japanese traders. I have seen that the
traders from the two counties traded with the Aborigines of the land. The traders even settled
in the northern territory of the country in order to maintain trade relations with the country.
However, the British settlement in the country prevented the rise of trade between Asia and
Australia. Over the years, the two continents developed mutual relations with each other and
signed a quality of passionate commitment in the 1980s. The concept was aligned with the
development of the Asia-Pacific Economic Corporation which highlighted the importance of
economic cooperation between the two countries (Vivoda 2014). The strong growth in the
economic condition in China has resulted in the increase in the economic condition of
Australia. Over a period of a decade, the resource sector has seen an increase in the prices of
the commodities. This has led to a higher price in trading between the Australian economy
with that of China and Japan. I have come across the fact that the recent years have seen huge
economic fluctuations in the world. Risks in investment have become the main cause of
concern for the world trade. However, despite the changes in the economic world, Australia
has remained steady in its economic growth.
The infrastructure of Australia along with an increase in microeconomic factors has
been greatly due to the improvement of trade relations with China. The fact that during the
economic downfall, Australia managed to adjust the monetary, as well as fiscal policies,
helped the country to avert any downfall due to the economic crisis. Gotzek et al. (2015)
stated that during the 1990s, apart from Japan, the other countries of Asia contributed to only
7% growth of the global economy. However, as I observed that in the last two decades, the
contribution has improved by double rate due to the rise of the countries in Asia. In my
opinion, growth in Asia has helped Australia to increase its commodity prices and provide
support to the resource sector in the country. Such an increase in price rate is followed by an
appreciation in the exchange rate which has lowered considerably. This has resulted in job

5ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
security, increased employability rate and increase in the per capita income in the country.
The rise of industrial production in China and India has helped in the vast rise of the
economic aspect of the country (Aggarwal and Urata 2013). The exchange of foreign
ownership and the migration of people in the country have resulted in the high rate of
economic growth and advancement in terms of technology as well cultural fields.
Thus, it can be concluded that currently, Asia is one of the largest continents of the
world with a growing population as well as economic stability. The fact that the continent
establishes trade relation with the world helps the countries to improve their economy and
contribute heavily to the growth of global economy. I believe that relations with Asia have
resulted in the steady growth of the Australian economy. The fact that both the continents
have a rich history makes it significant in terms of establishing mutual trade relations with
each other.

6ASIA AND THE IMPLICATIONS OF THE SAME IN AUSTRALIA
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