68-605: Matton Shipyard is a historic shipyard and canal boat service yard located on Van Schaick Island at Cohoes in Albany County, New York . It consists of eight extant buildings, various surviving features, and archaeological remains dating to the period 1916 to 1983 when the site functioned as a shipyard, repair facility, and towboat operation on the New York State Barge Canal and Champlain Canal . Extant buildings include
136-447: A critical role in China's fiscal system. Following the 1991 intergovernmental fiscal reform, the central government's share of total fiscal revenue increase from less than 30 percent to around 50 percent in 2012. Local governments are now responsible for infrastructure investment, service delivery and social spending, which together account for about 85 percent of the total expenditure. Without
204-508: A large shipyard will contain many specialised cranes , dry docks , slipways , dust-free warehouses, painting facilities and extremely large areas for fabrication of the ships. After a ship's useful life is over, it makes its final voyage to a ship-breaking yard, often on a beach in South Asia . Historically ship-breaking was carried out in drydock in developed countries, but high wages and environmental regulations have resulted in movement of
272-653: A result exported and still export massive amounts of high quality products from "the Land of the Rising Sun". Another amazing economic success story is that of South Korea's, also referred to as the Miracle on the Han River . The country was left impoverished after the Korean War , and until the early 1970s was among the world's poorest countries (even poorer than North Korea ). However, it
340-574: A result, the Japanese expansion began with a great part of Korea and China annexed, thus allowing the Japanese to secure strategic resources. At the same time, Southeast Asia was prospering due to trade and the introduction of various new technologies of that time. The volume of trade continued to increase with the opening of the Suez Canal in the 1860s. Manila had its Manila galleon where in products from
408-904: A rule to guide the distribution of intergovernmental expenditure responsibilities, significant levels of risk would be associated with the spending. China's central administration will impose hard caps on local government borrowing in order to control financial risks from an explosive level. Statistics showed that total debt had reached $ 3 trillion by the middle of 2013, raising total government debt to 58 percent of GDP. Similar jump occurred in corporate debt as well, which pushed China's overall debt-GDP ratio up to 261% from 148% in 2008. IMF warned that rapid debt run-ups could lead to financial crisis. The new rules are expected to be combined with broader fiscal reforms aimed at bringing local government tax revenue in line with expenditure. The central government will provide more guidance to local governments in terms of how to manage and invest wisely. As of 2017, China has
476-478: A two-year federation with Malaysia . In addition to creating a conducive economic and political climate, the government developed the skills of its multi-racial workforce, and established export-oriented industries by encouraging foreign investors to set up regional operations in manufacturing. The government also played a prominent role in Singapore 's growth as a major financial and business services centre. Singapore
544-463: Is an initiative with significance to both Hong Kong and Mainland. It brings another opportunity for the growth of the Hong Kong securities market. More importantly, it provides, for the first time, a feasible, controllable and expandable channel to investors to invest in both Hong Kong and Mainland, in addition to current schemes including QDII, QFII, AND RDFII programs. Local government's spending plays
612-501: Is berthed here. It was listed on the National Register of Historic Places in 2010. In 1916 John E. Matton moved his ship building business south from Waterford to Van Schaick Island, and the shipyard would continue to build canal boats, barges, tugboats, and police boats until closing in 1983. From December 1941 to July 1943 during World War II the shipyard produced five SC-497 class submarine chasers , SC-985 through SC-989 for
680-469: 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. East Asian and ASEAN countries generally rely on manufacturing and trade (and then gradually upgrade to industry and commerce ), and incrementally building on high-tech industry and financial industry for growth, countries in
748-769: Is mainly concentrated in East Asia , South Asia and Southeast Asia . 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,
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#1732851309567816-454: Is tax free for the first ten years to encourage foreign direct investment (FDI) with a 'negative list' used to regulate in which fields foreign investments are prohibited. In 2018, India has overtaken Japan as the second largest economy in Asia and the third largest overall in the world, while China has overtaken the U.S. in terms of purchasing power parity or GDP (PPP) in the world, marking
884-616: Is today one of the richest countries in the world, both in terms of GNI per capita , and GDP (PPP) per capita . This period was also marked by military conflict. Wars driven by the Cold War , notably in Vietnam and Afghanistan, wrecked the economies of these respective nations. When the Soviet Union collapsed in 1990–91, many Central Asian states were cut free and were forced to adapt to pressure for democratic and economic change. Also, several of
952-523: The COVID-19 pandemic , further raising fears of a recession across the continent after a streak of stock market losses in the region amidst nationwide lockdown in India and continued school and work closures in China, effectively quarantining more than 2 billion people (a quarter of the world's current human population). Turkey was one of the few nations in the globe where activity continued to grow throughout
1020-615: The Great Depression . Asia was not spared, and suffered the same pain as Europe and the United States (except for the Soviet Union). The volume of trade decreased dramatically all around Asia and indeed the world. With falling demand, prices of various goods starting to fall and further impoverished locals and foreigners alike. In 1931 Japan invaded Manchuria and subsequently the rest of China and south-east Asia in what eventually became
1088-598: The Japanese post-war economic miracle , greatly impacted the rest of the world. After World War II, under central guidance from the Japanese government, the entire economy was undergoing a remarkable restructuring. Close cooperation between the government, corporations and banks facilitated easy access to much-needed capital, and large conglomerates known as keiretsu spurred horizontal and vertical integration across all industries, keeping out foreign competition. These policies, in addition to an abandonment of military spending, worked phenomenally well. Japanese corporations as
1156-488: The Middle East depend more on engineering to overcome climate difficulties for economic growth and the production of commodities, principally Sweet crude oil . Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$ 8.5 trillion of foreign exchange reserves – more than half of the world's total, and adding tertiary and quaternary sectors to expand in
1224-753: The Peebles Island State Park , which is turning the shipyard into an educational center, museum, and home for historic vessels. The motor ship Day Peckinpaugh is berthed here and is listed on the National Register of Historic Places . Shipyard A shipyard , also called a dockyard or boatyard , is a place where ships are built and repaired. These can be yachts , military vessels, cruise liners or other cargo or passenger ships. Compared to shipyards, which are sometimes more involved with original construction, dockyards are sometimes more linked with maintenance and basing activities. The terms are routinely used interchangeably, in part because
1292-667: The Philippine islands and China were traded with Spanish America and Europe from 1571 to 1815. The Spanish colony of the Philippines was the first Asian territory to trade with the Americas, from Manila to Acapulco . The route continued overland across present-day Mexico to Veracruz on the Atlantic coast, then to Havana and Seville , forming the first global trade route. Silk , porcelain , ivory , tobacco , coconut and maize were some of
1360-736: The US Navy , and from February–June 1944 four tugs for the US Army . In 1945 four of the sub chasers went to service with the US Coast Guard while SC-986 went to the USSR . At the time of closing it was one of the longest operating tug and barge shipbuilders in the United States . The shipyard is currently owned by the New York State Office of Parks, Recreation and Historic Preservation (OPRHP) as part of
1428-724: The United Arab Emirates , Ukraine , the United Kingdom , the United States and Vietnam . The shipbuilding industry is more fragmented in Europe than in Asia where countries tend to have fewer, larger companies. Many naval vessels are built or maintained in shipyards owned or operated by the national government or navy. Shipyards are constructed near the sea or tidal rivers to allow easy access for their ships. The United Kingdom , for example, has shipyards on many of its rivers. The site of
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#17328513095671496-512: The evolution of dockyards and shipyards has often caused them to change or merge roles. Countries with large shipbuilding industries include Australia , Brazil , China , Croatia , Denmark , Finland , France , Germany , India , Ireland , Italy , Japan , the Netherlands , Norway , the Philippines , Poland , Romania , Russia , Singapore , South Korea , Sweden , Taiwan , Turkey ,
1564-532: The ongoing economic collapse in Venezuela and the oil price war between Saudi Arabia and Russia . Japan was also affected by the COVID-19 pandemic amidst its declining population and a stagnant economy since the 2011 Fukushima nuclear accident , with its postponed hosting of the Summer Olympics to 2021 . South Korea , Singapore , Qatar , the Philippines , Indonesia and India were also affected by
1632-492: The 16th century the enterprise employed 16,000 people. Spain built component ships of the Great Armada of 1588 at ports such as Algeciras or Málaga . Economy of Asia The economy of Asia comprises about 4.7 billion people (60% of the world population ) living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in
1700-715: The Asia-pacific leg of World War II . Following World War II, the People's Republic of China and the Republic of India, which accounted for half of the population of Asia, adopted socialist policies to promote their domestic economy. These policies limited the economic growth of the region. They are being abandoned in India and reformed in China. In contrast, the economies of Japan and the Four Asian Tigers ( South Korea , Taiwan , Singapore and Hong Kong ) were economic successes, and
1768-696: The British and the Dutch created their own trading companies to manage their trade flow in Asia. The British created the British East India Company while the Dutch formed Dutch East India Company . Both companies maintained trade monopolies of their respective colonies. Significant de-industrialisation took place in South Asia during its first few decades of British rule in the 1800s. Extreme poverty doubled to over 50% and famines increased significantly during
1836-621: The COVID pandemic, while Central Asian nations withstood the crisis with less economic damage. Turkey and Syria's economies, however, faced pressure as a result of the series of earthquakes that struck both countries in 2023 alongside continuing economic sanctions against both countries. The economic contractions in nations with strong tourism-focused economies and nations with stricter pandemic containment policies, particularly in Thailand and Indonesia, were shorter but both significantly more severe during
1904-537: The COVID pandemic. Vietnam's economy , however, benefited from their strong COVID pandemic response and overtook the Philippines as the third largest economy in Southeast Asia in 2022. Asia's large economic disparities are a source of major continuing tension in the region. While global economic powers China, Japan, India, South Korea, Taiwan continue powering through, and Indonesia, Malaysia, Philippines, Thailand , Vietnam, Bangladesh and Sri Lanka have entered
1972-676: The Chinese Communist Party in 2013 China revealed plans for several sweeping social and economic reforms. The government would relax its one-child policy to allow single-child parents to have two kids. This reform was implemented as a response to the aging population of China and provide more labor. The government also reformed the hukou system , allowing the labor force to become more mobile. The reforms will make financial loan systems more flexible encouraging increased economic involvement of private firms. Additionally, state-owned enterprises will be required to pay higher dividends to
2040-519: 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 . The Philippines , however, managed to grow at rates at par with China in the period 2012–2013, and became the world's fastest growing emerging market economy in
2108-559: The USSR's allies lost valuable aid and funding. The Chinese economy boomed under the economic measures undertaken by Deng Xiaoping , in the late 1970s, and continuing under Jiang Zemin and Hu Jintao in the 1990s and 2000s. After the liberalization of the economy of India , growth in India and China increasingly shifted the center of gravity of the global economy towards Asia. By the late 2000s, China's economic growth rate exceeded 11% while India's growth rate increased to around 9%. One of
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2176-508: The United States and Vietnam restored economic and political ties. Throughout the 1990s, the manufacturing ability and cheap labor markets in Asian developing nations allowed companies to establish themselves in many of the industries previously dominated by companies from developed nations. By the dawn of the 21st century, Asia became the world's largest continental source of automobiles , machinery , audio equipment and other electronics . At
2244-500: The ancient Greek city on the Gulf of Corinth, Naupactus , means "shipyard" (combination of the Greek words ναύς naus : "ship, boat"; and πήγνυμι pêgnumi , pegnymi : "builder, fixer"). Naupactus' reputation in this field extended back into legendary times – the site is traditionally identified by Greek authors such as Ephorus and Strabo as the place where a fleet was said to have been built by
2312-523: The ancient culture of India personified Asia, attracting European commerce, exploration and colonialism. The accidental discovery of America by Columbus in search for India demonstrates this deep fascination. The Silk Road became the main east–west trading route in the Asian hitherland while the Straits of Malacca stood as a major sea route. Prior to World War II, most of Asia was under colonial rule . Only relatively few states managed to remain independent in
2380-428: The bulk of Taiwan's economy is dependent on small to medium-sized businesses. Hong Kong, on the other hand, experienced rapid growth in the financial sector due to liberal market policies, with many financial institutions setting up their Asian headquarters in Hong Kong. Until 2021, Hong Kong was ranked as one of the world's freest economies by The Heritage Foundation and The Wall Street Journal , and it remains one of
2448-580: The colonial era. In 1908, crude oil was first discovered in Persia , modern day Iran. Afterwards, many oil fields were discovered and it was learnt later that the Middle East possesses the world's largest oil stocks. This made the rulers of the Arab nations very rich though the socioeconomic development in that region lagged behind. In the early 1930s, the world underwent a global economic depression , today known as
2516-468: The crisis. In 2001, almost all economies in both Europe and Asia were adversely affected by the September 11 attacks , with Indonesia and Japan was hardest. Both continents quickly recovered from the attacks in United States after more than a year. In 2004, parts of Sumatra and South Asia were severely damaged by an earthquake and the subsequent tsunami . The tsunami wreaked havoc, causing massive damage in
2584-502: The dominating players in the telecommunication sector. The economic liberalisation in India refers to the ongoing economic liberalisation, initiated in 1991, of the country's economic policies, with the goal of making the economy more market-oriented and expanding the role of private and foreign investment. Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for
2652-759: The economies, but the general stability of the region and world. The nuclear neighbours, Pakistan and India, constantly pose a threat to each other, causing their governments to invest heavily in military spending . Another potential global danger posed by the economy of Asia is the growing accumulation of foreign exchange reserves . The countries/regions with the largest foreign reserves are mostly in Asia – China (Mainland – $ 3,205 billion & Hong Kong – $ 430.7 billion, April 2023), Japan ($ 1,253 billion, June 2023), Russia ($ 599 billion, May 2023), India ($ 594.8 billion, August 2023), Taiwan ($ 566.4 billion, July 2023), South Korea ($ 418.3 billion, August 2023), and Singapore ($ 326.7 billion, July 2023). This increasingly means that
2720-635: The end of 1997, Thailand was hit by currency speculators , and the value of the Baht along with its annual growth rate fell dramatically. Soon after, the 1997 Asian financial crisis spread to the ASEAN region, South Korea and other countries in Asia, resulting in great economic damage on the affected countries (but with Japan and China both largely escaping the crisis). In fact, some of the economies, most notably those of Thailand, Indonesia, and South Korea actually contracted. By 1999, most countries had already recovered from
2788-506: The establishment of mutual stock market access between Mainland China and Hong Kong. Under the ‘Connect Program’, the Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange will establish mutual order-routing connectivity and related technical infrastructure to enable investors to invest in Chinese equities market directly. On November 17, 2014, the program officially launched with the approvals from Beijing. The 'Connect Program'
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2856-505: The face of constant pressure exerted by European power. Such examples are China, Siam , Iran and Japan. Japan in particular managed to develop its economy due to a reformation in the 19th century. The reformation was comprehensive and is today known as the Meiji Restoration . The Japanese economy continued to grow well into the 20th century and its economic growth created various shortages of resources essential to economic growth. As
2924-424: The factors was the sheer size of the population in this region. Meanwhile, South Korea, Taiwan, Hong Kong and Singapore emerged as the Four Asian Tigers with their GDPs growing well above 7% per year in the 1980s and the 1990s. Their economies were mainly driven by growing exports. The Philippines only began to open up its stagnated economy in the early 1990s. Vietnam's economy began to grow in 1995, shortly after
2992-459: The first confirmed virus case. China's economy experienced its first contraction in the post- Mao era as a result of the COVID-19 pandemic . Iran is the second worst-hit country in Asia in terms of mortality rate after India, raising concerns of an economic collapse following the U.S. expansion of sanctions against them during the Trump administration since 2019 and declining oil prices due to both
3060-448: The first time in almost 2 centuries that any country outside the Americas and Europe has taken the top spot globally. The Asian economies were affected by the demographic shifts between China and India , the latter becoming the world's most populous country in the middle of the decade, as well as the COVID-19 pandemic that started in the Hubei province of China , the country of origin of
3128-419: The goods exported from Asia to the Americas and Europe, through the Philippines. Singapore , founded in 1819, rose to prominence as trade between the east and the west increased at an incredible rate. The British colony of Malaya , now part of Malaysia , was the world's largest producer of tin and rubber . The Dutch East Indies , now Indonesia, on the other hand, was known for its spices production. Both
3196-412: The government. The benefits of this will go to Social Security. Reform also allows farmers to own land for the first time ideally encouraging farmers to sell their land and move to cities which will boost consumerism and increase urban work force. On April 10, 2014, China Securities Regulatory Commission (CSRC) and Securities and Futures Commission (CSRC) made a Joint Announcement about the approval for
3264-560: The housing bubble in the United States , caused a significant decline in the GDP of the majority of the European economies . In contrast, most Asian economies experienced a temporary slowdown in their rates of economic growth, particularly Japan , Taiwan , South Korea , and China , resuming their normal growth soon after. The Arab Spring and the ensuing civil unrests since 2011 had caused economic malaise in Syria , Lebanon and Yemen , amongst
3332-612: The industry to third-world regions. The oldest structure sometimes identified as a dockyard was built c. 2400 BC by the Indus Valley civilisation in the Harappan port city of Lothal (in present-day Gujarat, India ). Lothal's dockyards connected to an ancient course of the Sabarmati river on the trade route between Harappan cities in Sindh and the peninsula of Saurashtra when
3400-415: The infrastructure of the hit areas, particularly Indonesia, and displaced millions. For a short time, GDP contracted among nations such as Indonesia and Sri Lanka , despite massive inflow of foreign aid in the aftermath of the disaster. The economy of Japan suffered its worst post-World War II economic stagnation set in the early 1990s (which coincided with the end of Cold War ), which was triggered by
3468-612: The interchangeability of the Euro, USD, and GBP are heavily influenced by Asian central banks. Some economists in the western countries see this as a negative influence, prompting their respective governments to take action. 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, followed by India. Both countries are expected to rank in
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#17328513095673536-404: The largest real estate market in the world. China's service sector has doubled in size, accounting for 46% of China's total GDP. In 2011, the Chinese government instituted a five-year plan to prioritize the development of the service economy. The telecommunications sub-sector in China is one of the largest in the world, with over a billion mobile customers. Tencent, the developer of WeChat, is one of
3604-524: The latter event of the 1997 Asian financial crisis . It, however, rebounded strongly in the early 2000s due to strong growth in exports, although unable to counteract China in 2005 after China gradually surpassed it as the largest economy in Asia. From 1995 to 2005, share of Asian foreign exchange reserves had risen from 46 percent to 67 percent. From 2002 to 2005, central banks in Asia alone accounted for three-quarters of total global currency reserve buildup. The financial crisis of 2007–2008 , triggered by
3672-607: The legendary Heraclidae to invade the Peloponnesus . In the Spanish city of Barcelona , the Drassanes shipyards were active from at least the mid-13th century until the 18th century, although at times they served as a barracks for troops as well as an arsenal. During their time of operation the Drassanes were continuously changed, rebuilt and modified, but two original towers and part of
3740-528: The most adversely affected nations in the Middle East. At the same time, in the early 2010s, Iraq , Saudi Arabia , the United Arab Emirates and Kuwait registered their highest GDP growths on record in the years that followed due to increased oil prices and further diversification of exports, as well as rising foreign exchange reserves . In 2013, in a once-in-a-decade party leadership reshuffle in China (change of Hu-Wen Administration to Xi-Li Administration ),
3808-441: The office / stores (c. 1916-1917), watchman's building (c. 1936-1943), sheet metal shop (c. 1937-1938), carpenter shop (c. 1916 and 1936-1943), stores building (c. 1941-1943), pipeshop (c. 1936-1943), pitch building (pre-1936), garage (c. 1916), and electric building. Also on the property are a flagpole (c. 1916), dock, steel launching ramps, fence, and camels. Numerous ruins also occupy the property. The motor ship Day Peckinpaugh
3876-477: The only successful economies outside of the Western World . The success of these four economies led other Southeast Asian countries, namely Indonesia, Malaysia, Philippines, and Thailand to follow suit in opening up their economies and setting up export-oriented manufacturing bases that boosted their growth throughout the 1980s and the 1990s. One of the most pronounced Asian economic phenomenons during this time,
3944-626: The original eight construction-naves remain today. The site is currently a maritime museum. From the 14th century, several hundred years before the Industrial Revolution , ships were the first items to be manufactured in a factory – in the Venice Arsenal of the Venetian Republic in present-day Italy . The Arsenal apparently mass-produced nearly one ship every day using pre-manufactured parts and assembly lines . At its height in
4012-404: The path to long-term growth, regions right next to these countries are in severe need of assistance. Given the enormous quantity of cheap labor in the region, particularly in China and India, where large workforces provide an economic advantage over other countries, the rising standard of living will eventually lead to a slow-down. Asia is also riddled with political problems that threaten not just
4080-533: The present-day surrounding Kutch desert formed a part of the Arabian Sea . Lothal engineers accorded high priority to the creation of a dockyard and a warehouse to serve the purposes of maritime trade. The dock was built on the eastern flank of the town, and is regarded by archaeologists as an engineering feat of the highest order. It was located away from the main current of the river to avoid silting, but provided access to ships at high tide as well. The name of
4148-405: The same positions between 2020 and 2040. Moreover, based on Hurun Report, for the first time in 2012 Asia surpassed North America in amount of billionaires . 951 billionaires came from Asia, whereas North America had 777 billionaires and Europe with 536 billionaires. Businesses anticipate that it will take an average of five months for revenues to return to pre-pandemic levels and two months for
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#17328513095674216-616: The second half of the 2010s decade, overtaking Malaysia in 2017 as the fourth largest economy overall in Southeast Asia. It also recovered after getting hit by Typhoon Haiyan , the strongest storm on record to make landfall, in November 2013, which killed at least 5,200 and displacing millions more. On September 29, 2013, China opened the Shanghai Free-Trade Zone . This free trade zone allows international trade to be conducted with fewer restrictions and lower customs duties. The zone
4284-475: The share of Asia 's economy. This is an alphabetically sorted list of Asian countries, with their factual and estimated gross domestic product data by the International Monetary Fund. China and India alternated in being the largest economies in the world from 1 to 1800 AD. China was a major economic power and attracted many to the east, and for many the legendary wealth and prosperity of
4352-458: The workforce to do the same. It is anticipated that Central Asian nations will be more severely impacted. Only 4% of those businesses that were permanently closed anticipate to open again, with the impacted industries' levels of heterogeneity ranging from 3% in the lodging and food services sector to 27% in the retail trade sector . Following a Third Plenum of the Central Committee of
4420-430: The world's second largest economy by nominal GDP at $ 11.8 trillion. It is the largest manufacturing economy in the world, and is the largest exporter of goods. China is also the world's largest producer and consumer of agricultural products. China is a leading producer of rice, and is a key producer of wheat, corn, tobacco, soybeans, and potatoes, among others. Though the real estate industry in China has taken, China has had
4488-537: The world's top five leading financial centers. In Southeast Asia, economic development was fueled by the growth of the bamboo network . The bamboo network refers to a network of overseas Chinese businesses operating in the markets of Southeast Asia that share common family and cultural ties. The network expanded as Chinese refugees emigrated to Southeast Asia following the Chinese Communist Revolution in 1949. Singapore in particular experienced very rapid economic growth after declaring independence in 1965, following
4556-734: The world. Moreover, Asia is the site of some of the world's longest modern economic booms. As in all world regions, the wealth of Asia differs widely between, and within, states. This is due to its vast size, meaning a huge range of different cultures, environments, historical ties and government systems. The largest economies in Asia in terms of PPP gross domestic product (GDP) are China, India , Japan , Indonesia , Turkey , South Korea , Saudi Arabia , Iran , Thailand , and Pakistan , Bangladesh and in terms of nominal gross domestic product (GDP) are Japan , Taiwan , South Korea , China, India, Indonesia, Saudi Arabia, Turkey, Bangladesh, Thailand and Iran. Total wealth (as well as overall GDP)
4624-508: Was since able to recover with double digit annual growth rates. Many conglomerates, also known as chaebols , such as Samsung , LG Corp , Hyundai , Kia , SK Group , and more grew tremendously during this period. South Korea has now become the most wired country in the world. Taiwan and Hong Kong experienced rapid growth up till the 1990s. Taiwan became, and still remains one of the main centers of consumer electronics R&D as well as manufacturing. However, unlike in Japan and South Korea,
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