THE GROWTH OF ASIAN ECONOMIC FROM THE 1970 TILL DATE FROM: CHINA, JAPAN, TAIWAN. HONG KONG, SINGAPORE AND SOUTH KOREA
The economy of East Asia is one of the most successful regional economics of the world. It is home of some of the world’s largest and most prosperous economies: China, Japan, Hony Kong, Taiwan and South Korea. Moreso, the major positive factors have ranged from favourable, through abundant natural resources of various kinds, to plentiful supplies of relatively low-cost, skilled and adaptable labour. In modern societies, a high level of structured differentiation, functional specialization, and autonomy of the economy system from government is a major contributor to industrial-commercial growth and prosperity.
Currently in the far east, trading systems are relatively open; and zero or low duties on imports of consumer and capital goods etc. have considerably helped stimulate cost-efficiency and change. Free and flexible labour and other markets are other important factors making for high levels of business-economic performance. East Asian populations have demonstrated rapid learning capabilities skills in utilizing new technologies and scientific discoveries-and putting them to good use in population. Work ethnic in general lend to be highly positive.
Furthermore, the economic entities of East Asia are thus; Japan, China, Taiwan; Hong Kong; Singapore and South Korea etc. Therefore this paper will examine economic growth in Asia entities from 1970 till date.