Asia

Asia Map

Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area (or 30% of its land area) and with approximately 3.879 billion people, it hosts 60% of the world's current human population. During the 20th century Asia's population nearly quadrupled.

Asia is defined according to similar definitions presented by the Encyclopedia Britannica and the National Geographic Society as 4/5 of the landmass of Eurasia — with the western portion of the latter occupied by Europe — located to the east of the Suez Canal, east of the Ural Mountains and south of the Caucasus Mountains (or the Kuma-Manych Depression) and the Caspian and Black Seas. It is bounded on the east by the Pacific Ocean, on the south by the Indian Ocean and on the north by the Arctic Ocean. Given its size and diversity, Asia — a toponym dating back to classical antiquity — "is more a cultural concept" incorporating diverse regions and peoples than a homogeneous physical entity Asia differs very widely among and within its regions with regard to ethnic groups, cultures, environments, economics, historical ties and government systems.


History of Asia

Asia has the second largest nominal GDP of all continents, after Europe, but the largest when measured in PPP. As of 2010, the largest economies in Asia are the People's Republic of China, Japan, India, South Korea and Indonesia. Based on Global Office Locations 2011, Asia dominated the office locations with 4 of top 5 were in Asia, Hong Kong, Singapore, Tokyo, London and Shanghai. Around 68 percent of international firms have office in Hong Kong^.

In the late 1990s and early 2000s, the economies of the PRC and India have been growing rapidly, both with an average annual growth rate of more than 8%. Other recent very high growth nations in Asia include Malaysia, Indonesia, Pakistan, Thailand, Vietnam, Mongolia, Uzbekistan, Cyprus and the Philippines, and mineral-rich nations such as Kazakhstan, Turkmenistan, Iran, Brunei, United Arab Emirates, Qatar, Kuwait, Saudi Arabia, Bahrain and Oman.

China was the largest and most advanced economy on earth for much of recorded history, until the British Empire (excluding India) overtook it in the mid 19th century. Japan has had for only several decades after WW2 the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1986 and Germany in 1968. (NB: A number of supernational economies are larger, such as the European Union (EU), the North American Free Trade Agreement (NAFTA) or APEC).

In the late 1980s and early 1990s, Japan's GDP was almost as large (current exchange rate method) as that of the rest of Asia combined In 1995, Japan's economy nearly equaled that of the USA as the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen/dollar. Economic growth in Asia since World War II to the 1990s had been concentrated in Japan as well as the four regions of South Korea, Taiwan, Hong Kong and Singapore located in the Pacific Rim, known as the Asian tigers, which have now all received developed country status, having the highest GDP per capita in Asia.

It is forecasted that India will overtake Japan in terms of nominal GDP by 2020. In terms of GDP per capita, both nominal and PPP-adjusted, South Korea will become the second wealthiest country in Asia by 2025, overtaking Germany, the United Kingdom and France. According to IMF statistics for the year 2010, the mostly unrecognized Republic of China By 2027, according to Goldman Sachs, China will have the largest economy in the world. Several trade blocs exist, with the most developed being the Association of Southeast Asian Nations. PPP-adjusted GDP per capita, at USD 34,743, is already higher than that of Finland, France, or Japan.

Asia is the largest continent in the world by a considerable margin, and it is rich in natural resources, such as petroleum, forests, fish, water, rice, copper and silver. Manufacturing in Asia has traditionally been strongest in East and Southeast Asia, particularly in mainland China, Taiwan, South Korea, Japan, India, Philippines and Singapore. Japan and South Koreamultinational corporations, but increasingly mainland ChinaIndia are making significant inroads. Many companies from Europe, North America, South Korea and Japan have operations in Asia's developing countries to take advantage of its abundant supply of cheap labour and relatively developed infrastructure. continue to dominate in the area of and

According to Citigroup 9 of 11 Global Growth Generators countries came from Asia driven by population and income growth. They are Bangladesh, the People's Republic of China, India, Indonesia, Iraq, Mongolia, Philippines, Sri Lanka and Vietnam Asia has four main financial centres: Tokyo, Hong Kong, Singapore and Shanghai. Call centres and business process outsourcing (BPOs) are becoming major employers in India and the Philippines due to the availability of a large pool of highly skilled, English-speaking workers. The increased use of outsourcing has assisted the rise of India and the China as financial centres. Due to its large and extremely competitive information technology industry, India has become a major hub for outsourcing.

In 2010, Asia had 3.3 million of millionaires and slightly below North America with 3.4 million of millionaires. Last year Asia had toppled Europe. Millionaires means have worth at least $1 million, excluding their homes.