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The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations. [1] [2] Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. [11]
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
The Asia–Pacific (APAC) is the region of the world adjoining the western Pacific Ocean. The region's precise boundaries vary depending on context, but countries and territories in Australasia , East Asia , and Southeast Asia are often included.
Meanwhile, Latin America’s under-invested startup ecosystem is looking a lot more like Asia, where a handful of companies can gain considerable market share.
A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management. [ 9 ] The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s.
"Eight countries in East Asia–Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia–have become known as the East Asian miracle." [ 10 ] Beside successes of the East Asian economy mentioned above in the success of the model, there are two other examples why they are called 'Asian miracles'.
It is the fastest-growing major economy in the world and one of the world's fastest registering a growth of 7.2% in FY 2022-23. [29] India is followed by Bangladesh, which has a GDP of ($446 billion). a. It is one of the emerging and growth-leading economies of the world, and is also listed among the Next Eleven countries. It is also one of the ...
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