THE ECONOMIC DEVELOPMENT OF ASIA<br />Although the Covid-19 pandemic has caused hardship, Asia has remained relatively resilient, and the growth opportunities are opening up. <br />Except for China and North Korea, considered low-income, East Asia is the most prosperous part of the continent. Most countries in this region are considered upper-middle-income, and Japan is considered high-income. Asia is expected to rebound faster. In July 2021, the International Monetary Fund (IMF) forecast that Asia would grow at 7.5 percent in 2021 and 6.4 percent in 2022, compared with 6.0 percent and 4.9 percent for the world. However, the outlook varies within Asia. Economies have been recovering at different speeds. The fundamental means of economic progress have been given by industrialization. For some economies, this has meant working as a contractor for foreign companies to produce consumer products such as electronics, footwear, or apparel. South Korea, Singapore, and Taiwan, for example, have offered governmental backing for locally owned businesses, invested extensively in education, and transitioned away from low-cost manufacturing to more complex economic activity with higher returns.<br />THE ECONOMIC DEVELOPMENT OF ASIA<br />Growth has come from exploiting substantial petroleum and natural gas deposits in nations, but these countries have found it difficult to establish economic sectors independent of oil production for future sustainable growth. Despite these changes, a majority of people in Asia are still engaged in agriculture, usually working in small peasant holdings. In China and India, agriculture is still by far the biggest employer, though it provides a diminishing share of gross domestic product. The greatest poverty in these countries is thus usually found in rural areas. But the acceleration of urbanization since the mid-20th century has meant that increasing numbers of rural peasants are leaving the land for the cities. The population shift from rural areas to cities in Asia is an unprecedented migration. <br /><br />THE ECONOMIC DEVELOPMENT OF ASIA<br />In China, systems of residential permits aim to control the flow, but many peasants move to Chinese cities even without official permits. In Indonesia, by contrast, there is effectively no control, although there are policies to try to diffuse the location of new industrial employment. As the industry has become increasingly mechanized, it has often not provided much proportional growth in employment. It is the service sectors of the expanding cities that have shown the fastest growth in employment in recent years. In the poorer countries, much of the employment growth is in what is known as the informal sector—a term referring to small, often family-owned businesses operating outside state regulation or control and mainly engaged in petty services or petty manufacturing. <br />THE ECONOMIC DEVELOPMENT OF ASIA<br />Despite these dangers and the possibility of continued pandemic-related disruption, Asian economies still have a lot of juice left in them. The pandemic, its aftershocks, and even its aftermath are likely to pose complex challenges. However, Asia has repeatedly demonstrated its resilience and adaptability in the face of crises, and the region has come out more substantial once the crises have receded. There are 18 long-term and recent “outperformers” among emerging economies around the world for their resilience and consistent growth, and Asia dominated the list. As COVID-19 eventually recedes, thoughts must turn to how best to meet the challenges ahead, what institutions might be needed, and which ingredients of an Asian model will guide the path forward.<br /><br />My Message To Everyone<br />Thank you so much for tuning in and visiting my channel. I'd appreciate it even more if you could help me do more because my channel is still growing. 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